Senator Lummis Officially Introduced the Strategic Bitcoin Reserve Legislation

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.

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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.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.