Senator Lummis Reintroduces Bitcoin Act, U.S. to Buy 1M BTC
1min read Senator Cynthia Lummis (R-WY) has reintroduced the Bitcoin Act in the U.S. Senate, a bill that, if passed, would authorize the U.S. government to purchase up to one million Bitcoin. This initiative aims to acquire approximately 5% of the total Bitcoin supply, a move that would significantly bolster the nation's strategic reserves. The bill proposes funding this program through various means, including net earnings of the Federal Reserve and the issuance of new certificates for the Federal Reserve’s gold holdings reflecting current market prices. The Treasury Secretary would be responsible for coordinating the acquisition of new Bitcoin and maintaining the reserve, with all new BTC added to the program to be held for at least 20 years before it could be sold. Any current or future Treasury secretary would be prohibited from selling off more than 10 percent of the reserve during any two-year period.
This reintroduction of the Bitcoin Act is a significant development in the ongoing efforts to integrate Bitcoin into the U.S. financial system. Senator Lummis has been a vocal advocate for Bitcoin, viewing it as a technological opportunity and a national imperative for America's financial leadership in the 21st century. By codifying President Trump's vision to create the Strategic Bitcoin Reserve, the bill seeks to ensure that the U.S. harnesses the full potential of digital innovation to address its national debt while maintaining a competitive edge in the global economy.
The Strategic Bitcoin Reserve was initially established by an Executive Order signed by President Trump. This reserve is intended to use Bitcoin seized by the government to build up the nation's holdings. Senator Lummis' bill, if enacted, would provide a major boost to this reserve by mandating the U.S. to purchase up to one million Bitcoin. This move would not only increase the U.S.'s Bitcoin holdings but also provide further legitimacy to the Strategic Bitcoin Reserve, potentially influencing other nations to follow suit.
In addition to the federal efforts, a Texas lawmaker has introduced a bill proposing that the state acquire up to $250 million worth of Bitcoin and other cryptocurrencies. This state-level initiative, if passed, would make Texas the first U.S. state to hold Bitcoin on its balance sheet. Such developments underscore the growing acceptance and adoption of Bitcoin at both the federal and state levels, reflecting a broader trend towards digital currency integration.
The reintroduction of the Bitcoin Act and the concurrent state-level initiatives highlight a concerted effort to position the 
