Senator Lummis Officially Introduced the Strategic Bitcoin Reserve Legislation

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Cryptodnes2024/07/31 22:30

By:Cryptodnes

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.

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.

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