U.S. Senator Cynthia Lummis Proposes BITCOIN Act to Address Inflation and National Debt

U.S. Senator Cynthia Lummis (R-WY) announced on Wednesday that she has officially introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the U.S. Senate.

U.S. Senator Cynthia Lummis has officially introduced the BITCOIN Act in the Senate, aiming to establish a strategic bitcoin reserve as an additional store of value to strengthen America’s balance sheet. The initiative seeks to position the U.S. as a leader in financial innovation by proposing the purchase of 1 million bitcoins and ensuring robust security measures.

Senator Lummis Proposes BITCOIN Act to Address Inflation and National Debt

U.S. Senator Cynthia Lummis (R-WY) announced on Wednesday that she has officially introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the U.S. Senate. She unveiled the bill at the recent Bitcoin Conference in Nashville, Tennessee.

Describing her bill as a “historic proposal to supercharge the U.S. dollar and pay down the national debt by establishing a strategic bitcoin reserve,” Senator Lummis stated:

Bitcoin is transforming not only our country but the world and becoming the first developed nation to use bitcoin as a savings technology secures our position as a global leader in financial innovation.

“This is our Louisiana Purchase moment that will help us reach the next financial frontier,” the lawmaker opined.

Lummis’ BITCOIN Act aims to secure America’s financial future by incorporating bitcoin into the national balance sheet. It proposes the creation of “a decentralized network of secure bitcoin vaults operated by the United States Department of Treasury with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s bitcoin holdings,” the lawmaker described. The senator from Wyoming detailed:

The BITCOIN Act establishes a strategic bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet and ensure the transparent management of bitcoin holdings of the federal government.

This legislation will oversee the implementation of “a 1-million-unit bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total bitcoin supply, mirroring the size and scope of gold reserves held by the United States,” Lummis noted. The plan will be funded by reallocating resources within the Federal Reserve System and the Treasury Department, ensuring robust cybersecurity and physical security measures. The act also upholds the self-custody rights of private bitcoin holders, with Senator Lummis emphasizing that the reserve will not compromise individual financial freedoms.

What do you think about U.S. Senator Cynthia Lummis’ proposal to establish a strategic bitcoin reserve to address inflation and national debt? Let us know in the comments section below.

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