Revolutionary Bitcoin Bill Unveiled by Pro-Crypto Senator
Wyoming Senator Cynthia Lummis sparked excitement in the crypto community with the introduction of her groundbreaking Bitcoin bill, comparing it to the historic Louisiana Purchase. The proposed ‘Bitcoin Act’ aims to bolster the U.S. government’s holdings by acquiring 1 million BTC, valued at approximately $64 billion. The legislation seeks to establish a strategic Bitcoin reserve and implement various programs for efficient management.
Building a Strategic Bitcoin Reserve
Referred to as the ‘Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024,’ the bill justifies the selection of Bitcoin as an asset based on its proven resilience, widespread adoption, and established role as a medium of exchange and store of value over more than a decade. Senator Lummis emphasized the necessity for strong financial leadership in the digital era.
- The program plans to acquire 200,000 BTC annually in a transparent manner to mitigate market disturbances.
- The Secretary of the Treasury retains authority to adjust purchase schedules based on market dynamics.
- An imposed 20-year holding period for procured Bitcoin with restrictions on selling more than 10% every two years.
- Decentralized network of secure Bitcoin storage facilities across the U.S. utilizing cold storage techniques.
- Geographically dispersed storage locations to minimize simultaneous risks.
- Implementation of advanced physical and digital security measures in consultation with defense and homeland security departments.
- Reporting quarterly proof of reserves with public cryptographic verification.
- Engagement of independent third-party auditors to verify report accuracy.
Safeguarding Rights and Encouraging Innovation
The bill explicitly prohibits the government from seizing or confiscating lawfully obtained Bitcoin holdings of individuals, affirming the rights of businesses and individuals to legally transact, possess, and utilize BTC. The proposed legislation highlights that the inclusion of Bitcoin in the nation’s assets can enhance financial resilience and position the U.S. as a leader in global financial innovation.
- The strategic Bitcoin reserve initiative was originally revealed by Senator Lummis in late July.
Hot Take: Embracing the Future of Finance
With the unveiling of Senator Lummis’ visionary Bitcoin bill, the spotlight is on the evolution of the financial landscape, showcasing the potential for digital assets to revolutionize traditional frameworks. The strategic Bitcoin reserve represents a bold step towards embracing innovation and securing a competitive edge in the ever-changing digital realm.
Sources:
– Senate Senator Cynthia Lummis
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