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Today, Senator Cynthia Lummis, Chair of the Senate Banking Subcommittee on Digital Assets, introduced the Bitcoin 
$103,632 legislation aimed at establishing a significant reserve that reflects the size and scope of the United States’ gold reserves. This initiative seeks to create a secure accumulation of Bitcoin, which will bolster the nation’s financial security and its position in the global economy.
Bitcoin Reserve Act
The proposed law entails the creation of secure Bitcoin vaults managed by the U.S. Department of the Treasury, where these assets will be stored with top-level security in cold wallets. The reserve will be utilized to maintain the U.S.’s financial security and its leadership role in the global economy.
“Today, I take pride in reintroducing landmark legislation that embodies President Trump’s bold vision for establishing a U.S. Strategic Bitcoin Reserve and strengthening our nation’s economic foundation for future generations. Bitcoin is not merely a technological opportunity; it is a national imperative for America to maintain its financial leadership in the 21st century. By turning the president’s visionary initiative into a lasting law, we can harness the full potential of digital innovation to address our national debt while preserving our competitive edge in the global economy,” she stated.
The government plans to accumulate a total of 1 million BTC over five years, acquiring 200,000 BTC annually. These Bitcoins will not be sold for at least 20 years. Additionally, Bitcoins held by federal institutions will be transferred to the Strategic Bitcoin Reserve, including those seized by the government or received as donations.
The program will be funded by diversifying the Federal Reserve System’s funds. The differences will be transferred to the Treasury through updated gold certificates. Any surplus revenue from the Federal Reserve will be allocated for Bitcoin purchases. However, what Trump announced last week differed, as he mentioned merely holding seized criminal proceeds linked to BTC. Lummis’s proposal could be fantastic if she garners support, but currently, the bill doesn’t hold much significance.
