Michaela
Senator Cynthia Lummis has reintroduced the BITCOIN Act during a conference hosted by The Bitcoin Policy Institute. The updated legislation includes new provisions and additional co-sponsors, signaling a renewed push for integrating Bitcoin into U.S. financial strategy.
The newly revised Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act proposes a framework that could allow the United States to acquire and hold more than 1 million Bitcoin, provided the assets are obtained through lawful means other than direct purchase.
The legislation outlines potential acquisition methods, including civil or criminal forfeitures, gifts to the federal government, or transfers from federal agencies. This provision aligns with a recent executive order signed by President Donald Trump, which establishes guidelines for handling digital assets within the government’s possession.
The revised legislation also allows U.S. states to contribute their Bitcoin holdings to the country’s strategic Bitcoin reserve on a voluntary basis. However, any Bitcoin transferred from state governments would be maintained in a segregated account, ensuring clear separation from federally acquired digital assets.
Senator Lummis also shared the reintroduction of the BITCOIN Act in a post on X. “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 to address our national debt while maintaining our competitive edge in the global economy,” she wrote.
Additionally, the updated legislation has also secured additional support from several lawmakers, with Senators Roger Marshall, Tommy Tuberville, Bernie Moreno, Jim Justice, and Marsha Blackburn joining as co-sponsors.
“I’m proud to join Senator Lummis on this common-sense bill to create a strategic Bitcoin reserve and codify President Trump’s executive order,” Senator Justice stated in an X Post. “I look forward to working with her further in this field,” he added.
Originally introduced in July 2024, the legislation outlined a plan for the U.S. government to accumulate one million Bitcoin over five years. Under the proposal, 200,000 BTC would be acquired annually through a reallocation of existing funds within the Federal Reserve and the Treasury Department, rather than through new expenditures.
Senator Lummis’ reintroduced BITCOIN Act follows recent developments regarding the establishment of a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile.” The new executive order specifies that Bitcoin held in the reserve will not be sold and that its growth will be funded through “budget-neutral” methods. Meanwhile, assets in the stockpile may be liquidated as needed.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
