Senator Cynthia Lummis Proposes a Bill Allowing US to Hold Bitcoin
According to a draft version of the bill, Senator Cynthia Lummis is proposing legislation that would establish a plan for the US to acquire and retain Bitcoin, with the option for states to do the same.
The bill, titled the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024” or the “BITCOIN Act of 2024,” highlights the unique characteristics of Bitcoin as a decentralized and scarce digital asset that can strengthen the position of the US dollar globally.
The proposed bill includes a “Bitcoin Purchase Program” that would purchase up to 200,000 BTC a year for five years, totaling 1 million BTC. The US Treasury Department would also be required to publish quarterly reports on the Bitcoin holdings, which would be made public on their website.
