Senator Lummis Reintroduces BITCOIN Act for 1 Million BTC Reserve

Senator Cynthia Lummis has reintroduced the BITCOIN Act in the 119th Congress, marking a significant development in the U.S. government's approach to digital assets. The legislation, which now includes additional co-sponsors and substantial revisions, aims to enhance America’s digital asset strategy by establishing a strategic reserve of Bitcoin.

The BITCOIN Act seeks to allow the U.S. government to acquire a substantial Bitcoin reserve, potentially exceeding one million BTC through various lawful means, not just direct purchases. This initiative is part of a broader effort to harness the full potential of digital innovation and ensure that the nation remains at the forefront of financial technology.

Senator Lummis emphasized the urgency of the bill during a recent conference, stating, “By transforming the president’s visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation.” This strategic reserve is seen as a means to strengthen U.S. financial innovation and competitiveness in the global digital asset landscape.

The new version of the BITCOIN Act proposes a structured acquisition plan where the U.S. government could accumulate 200,000 Bitcoin annually for five years, culminating in a potential reserve of 1 million BTC. The funding mechanism outlined involves reallocating existing resources within the Federal Reserve and the Treasury department, ensuring minimal impact on the federal budget.

Under the revised legislation, the sources for this Bitcoin reserve have expanded to include not only direct market purchases but also civil and criminal forfeitures, gifts, and transfers from federal agencies. This flexibility allows for a more diversified and legally secure approach to establishing a national Bitcoin stockpile.

Senator Lummis has garnered significant bipartisan support for the BITCOIN Act, with notable endorsements from Republican Senators such as Jim Justice and Tommy Tuberville. These co-sponsors believe the proposed strategic reserve will solidify America’s position in the globally competitive digital asset landscape. Senator Justice noted, “This bill creates a strategic Bitcoin reserve, strengthening our economic security while addressing our national debt,” underscoring the comprehensive approach this legislation intends to take.

The bipartisan backing enhances the credibility of the BITCOIN Act, signaling a robust legislative priority for cryptocurrency and digital asset innovation in the U.S. This support is crucial for advancing the bill through the legislative process and ensuring its implementation.

Another significant revision in the BIT