US Senate Reviews Bitcoin Act of 2024, Proposed by Senator Lummis As BTC Value Soars Past $93K

The United States Senate is now required to review the “Bitcoin Act of 2024” by senator Cynthia M. Lummis. The bill aims to create a ‘Strategic Bitcoin Reserve’ as BTC surges to $93,000.

The bill also provides for the annual acquisition of up to 200,000 Bitcoins to diversify economic assets and reserves for the next 5 years.

The bill has been initiated by senator Cynthia M. Lummis and is officially known as S4912. The legislation aims to create a Strategic Bitcoin Reserve. This bill comes into the picture as the value of BTC soars past $93,000. The act has garnered immense attention due to its potential to transform the U.S financial system and the cryptocurrency industry at large.

The bill proposes the annual purchase of up to 200,000 Bitcoins for the next 5 years with an aim to accumulate 1 million BTC. The planned purchases are meant to minimize market disruption on transactions. Furthermore, the legislation proposes that the purchases should be conducted transparently and the BTC to be held in trust for the United States.

The Bitcoin Act of 2024 is a major step towards the integration of BTC into the national reserve of the United States which has traditionally been gold. Moreover, Senator Lummis described the purchase and integration of BTC in the financial system as important to the diversification of the national reserve. Further, she notes that it will strengthen national security and enhance economic stability. This initiative presents BTC as a strategic investment asset during economic uncertainties.

The bill has been read twice and referred to the Committee on Banking, Housing, and Urban Affairs. If the bill is passed and enacted into law, it would set the United States as world cryptocurrency capital. This comes in line with various crypto friendly regulations following the re-election of Donald Trump as United States president.

There has been a positive market response to the legislation with BTC maintaining its bullish trend due to acceptance of cryptocurrency in the financial sector. There is increased debate on the global acceptance and adoption of cryptocurrencies in government’s economic policies. The outcome of the Bitcoin Act of 2024 ‘S4912’ could bring about conducive cryptocurrency regulations.

Following this legislative process, it is evident that there is an increase in utilization of digital assets in financial management. Thus the United States becomes the pioneer in such cryptocurrency regulations. If the bill is passed, it will redefine the regulation of digital assets in international finance.