Senator Lummis Reintroduces Bitcoin Act To Boost U.S. Financial Strategy

According to ShibDaily, Senator Cynthia Lummis has reintroduced the BITCOIN Act at a conference organized by The Bitcoin Policy Institute. This updated legislation includes new provisions and additional co-sponsors, marking a renewed effort to integrate Bitcoin into the U.S. financial strategy. The revised Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act proposes a framework that could enable the United States to acquire and hold over 1 million Bitcoin, provided these assets are obtained through lawful means other than direct purchase. The legislation outlines potential acquisition methods such as civil or criminal forfeitures, gifts to the federal government, or transfers from federal agencies. This provision aligns with a recent executive order signed by U.S. President Donald Trump, which establishes guidelines for handling digital assets within the government’s possession. The revised legislation also allows U.S. states to contribute their Bitcoin holdings to the country’s strategic Bitcoin reserve on a voluntary basis. However, any Bitcoin transferred from state governments would be maintained in a segregated account, ensuring clear separation from federally acquired digital assets. Senator Lummis shared the reintroduction of the BITCOIN Act in a post on X, emphasizing the importance of transforming the president’s executive action into enduring law to harness the full potential of digital innovation. The updated legislation has garnered additional support from several lawmakers, with Senators Roger Marshall, Tommy Tuberville, Bernie Moreno, Jim Justice, and Marsha Blackburn joining as co-sponsors. Senator Justice expressed his support in an X post, stating his pride in joining Senator Lummis on this initiative to create a strategic Bitcoin reserve and codify President Trump’s executive order. Originally introduced in July 2024, the legislation outlined a plan for the U.S. government to accumulate one million Bitcoin over five years. Under the proposal, 200,000 BTC would be acquired annually through a reallocation of existing funds within the Federal Reserve and the Treasury Department, rather than through new expenditures. Senator Lummis’ reintroduced BITCOIN Act follows recent developments regarding the establishment of a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.” The new executive order specifies that Bitcoin held in the reserve will not be sold and that its growth will be funded through “budget-neutral” methods. Meanwhile, assets in the stockpile may be liquidated as needed. This article is provided for informational purposes only and should not be construed as financial advice.