Senator Lummis Officially Introduced the Strategic Bitcoin Reserve Legislation
Senator Cynthia Lummis has introduced the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024" (Bitcoin Act of 2024).
The purpose of this legislation is to create a strategic Bitcoin reserve by providing transparent management of federal BTC holdings and offsetting costs through Federal Reserve resources.
The bill mandates the creation of a Bitcoin reserve to strengthen the US position in the global digital economy and increase competitiveness in the cryptocurrency sector.
JUST IN: 🇺🇸 Senator Lummis publishes #Bitcoin Strategic Reserve legislation. pic.twitter.com/YnBPoEdpPy
— Bitcoin Archive (@BTC_Archive) July 31, 2024
Emphasizing transparency, the law requires regular audits, public disclosure, and rigorous oversight to maintain public confidence in government Bitcoin tokens.
READ MORE:
Grayscale Launched the Lowest-Fee Bitcoin ETF in the U.S.Using Federal Reserve resources, the bill aims to minimize the financial burden on taxpayers while maintaining the Bitcoin reserve.
The bill was read twice in the Senate and referred to the appropriate committee for further consideration.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
UNI falls below $8
Trump appoints former SEC Chair Jay Clayton as US Attorney for Southern District of New York