US Senator Cynthia Lummis Introduces Bitcoin Strategic Reserve Act in Senate

U.S. Senator Cynthia Lummis of Wyoming has formally introduced the Bitcoin Strategic Reserve Act, which would direct the U.S. government to set up a reserve fund for this scarce decentralized asset. More specifically, the bill would establish a "decentralized network of secure Bitcoin vaults" controlled by the U.S. Treasury. The bill also directs lawmakers and officials to establish strict cybersecurity parameters and other physical security measures to ensure that Bitcoin (BTC) funds are not stolen. The bill also sets a long-term goal of accumulating 1 million Bitcoins over time, which is about 5% of the total Bitcoin supply. The bill plans to use existing U.S. Treasury funds to purchase Bitcoin in an amount corresponding to the U.S. Treasury's gold allocation.