Senator Cynthia Lummis Unveils Bill Proposing U.S. Bitcoin Strategic Reserve

After President Trump mentioned the core of a bitcoin strategic reserve, promising the U.S. would never sell the bitcoin it already has, Senator Cynthia Lummis

Senator Cynthia Lummis (R-Wyo.) announced plans to introduce legislation on Wednesday that would establish a U.S. bitcoin strategic reserve, following through on rumors that have been circulating for days and an announcement by former President Donald Trump at a rally in Casper, Wyoming.

Lummis appeared onstage at the rally right after Trump to unveil the bill, which had been anticipated by the crowd.

“The purpose of this bill is to establish a bitcoin strategic reserve, which shall consist of a network of secure storage vaults, purchase programs and other programs to ensure the transparent management of bitcoin holdings of the Federal Government,” she said, reading from the bill.

She reiterated Trump’s pledge to start the reserve with the 210,000 bitcoin that the U.S. government already holds, thanks to law enforcement seizures.

“We're going to pull it into a reserve stored in geographically diverse vaults,” she said.

“Over five years, the U.S. will assemble 1,000,000 bitcoin—5% of the world supply—and it will be held for a minimum of 20 years and will be held for one purpose: reduce our debt.”

A press release from Lummis’s office on Wednesday expanded on the idea of secure vaults for the bitcoin strategic reserve, highlighting a “decentralized network of secure Bitcoin vaults operated by the U.S. Department of the Treasury, with statutory requirements ensuring the highest level of physical and cybsecurity for the nation’s Bitcoin holdings.”

The release also mentioned the 1-million-unit Bitcoin purchase program and explained the aim of gathering 5% of the total Bitcoin supply was to mirror the size and scope of gold reserves currently held by the United States. The release explained that bitcoin would “be paid for by diversifying existing funds within the Federal Reserve System and Treasury Department.”

Finally, one aspect of the bill not addressed in her speech is to affirm the self-custody rights of private citizens to custody their Bitcoin themselves and for the strategic reserve to not impact the individual financial freedoms of U.S. citizens.

The press release noted the bill is expected to be introduced in the coming days with additional cosponsors to be announced.

Lummis called the initiative the U.S.’s “Louisiana Purchase” moment, referring to a time in 1803 when the Senate ratified a treaty with France, brokered by President Thomas Jefferson, to double the size of the United States for only $15 million.

“We are at a point where we can get bitcoin at a bargain price compared to where it will ultimately go,” she said.

“With the strategic Bitcoin reserve, we will have an asset that, in that period of time before 2045 can cut our debt in half.”

She then pointed to a speech yesterday by Michael Saylor, Executive Chairman of Microstrategy, who said if we bought $3.3 million in bitcoin for a U.S. strategic reserve, it could actually pay off our entire national debt over time.

“It would be your love of freedom, your innovation, your thoughtful design, your keeping this asset alive, well free and in support of individual sovereignty, that is going to save America,” she said, thanking the crowd at the end.

“Let's make America free again.”

The above is the detailed content of Senator Cynthia Lummis Unveils Bill Proposing U.S. Bitcoin Strategic Reserve. For more information, please follow other related articles on the PHP Chinese website!