Lummis Reintroduces Bitcoin Act as U.S. Explores Strategic BTC Holdings
The Bitcoin Act Reintroduced with New Momentum
Senator Cynthia Lummis has reintroduced the Bitcoin Act, announcing the proposal at a Bitcoin-focused conference organized by the Bitcoin Policy Institute.
- The bill, co-sponsored by Senator Jim Justice from West Virginia, seeks to have the U.S. government acquire 1 million Bitcoin as part of its national reserve.
- The reintroduction comes after the bill failed to gain traction in July 2024 due to limited bipartisan support.
- With a new congressional session underway, Lummis is pushing to revive the initiative.
Bitcoin for America Event Sparks Interest in Bitcoin’s Role
Lummis had previously hinted at this move, revealing her role as a co-host at the Bitcoin for America event in Washington, D.C.
- The event, organized by the Bitcoin Policy Institute, brought together leading executives, public officials, and policy experts to discuss Bitcoin’s importance to the U.S. economy.
- Lummis used the opportunity to emphasize the potential legislative changes regarding Bitcoin adoption at the federal level.
Strategic Bitcoin Reserve and Trump’s Executive Order
Lummis’ bill is seen as a more proactive approach compared to President Donald Trump’s recent executive order establishing a Strategic Bitcoin Reserve.
- Trump’s order primarily focuses on managing seized crypto assets rather than acquiring new Bitcoin.
- Lummis’ proposal, however, aims to shift the government’s stance towards actively acquiring Bitcoin for the national reserve.
Lummis Hints at Major Developments for Bitcoin
In her announcement, Lummis referenced Bitcoin’s symbol (₿), teasing that there were “big things cooking” in the works.
- This remark has sparked speculation about significant developments or new initiatives related to Bitcoin legislation.
- The move highlights the growing importance of Bitcoin within the U.S. economic and political landscape.