Bills that have recently been presented in the United States House of Representatives and Senate would establish a strategic Bitcoin reserve with the intention of bolstering the economic base of the nation.
The proposed legislation known as the Boosting Innovation, Technology, and Competitiveness via Optimized Investment Nationwide Act was presented on Tuesday by Senator Cynthia Lumis, a Republican from Wyoming, who serves as the chair of the Banking Subcommittee on Digital Assets during the United States Senate.
Lumis stated in a press statement that the proposed BITCOIN Act would establish a national strategic Bitcoin reserve with the purpose of generating additional value, enhancing the nation’s financial status, and assuring transparent management of the nation’s Bitcoin holdings.
“I am proud to reintroduce landmark legislation that will codify President [Donald] Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthen our nation’s economic foundation for generations to come,” Lumis stated.
“Bitcoin is not simply a technological opportunity but a national imperative for America’s continued financial leadership in the 21st century.”
The legislation that is being proposed would establish a decentralized network of secure Bitcoin vaults that would be managed by the United States Department of Treasury and would be protected by the greatest level of physical and cybersecurity protection, according to Lumis.
Additionally, the proposal would establish a program for the acquisition of one million Bitcoins over a predetermined time period in order to reach a national stake that is equivalent to around five percent of the total supply of Bitcoins in the world. This is comparable to the amount of gold reserves that the nation possesses.
In order to cover the costs of the Bitcoin acquisitions, the federal government would diversify the funds that are already available within the Federal Reserve System and the Treasury Department.
According to Lumis, the proposed Bitcoin Act would not infringe upon the individual financial freedoms of Bitcoin holders and would also uphold the self-custody rights of private Bitcoin holders.
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In addition to Marsha Blackburn of Tennessee and Bernie Moreno of Ohio, the proposed enabling legislation has the support of Senators Jim Justice of West Virginia, Tommy Tuberville of Alabama, Tommy Marshall of Kansas, and Marsha Blackburn of Tennessee.
“This bill represents America’s continued leadership in financial innovation, bolsters our economic security and gives us an opportunity to wrangle in our soaring national debt,” Justice stated.
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In his statement, Tuberville stated that a strategic Bitcoin reserve will assist in ensuring that the nation and its people will continue to reap the benefits of the most robust economy in the world.
“There’s no reason why we shouldn’t use Bitcoin to pay down our national debt,” Tuberville stated, adding that it would “usher in the golden age of America.”
Rep. Nick Begich, a Republican from Alaska, was the one who proposed a counterpart proposal in the House of Representatives of the United States.
A strategic bitcoin reserve was established previously by an executive order that was signed by President Trump.
