Senator Cynthia Lummis has introduced the Bitcoin Act of 2024, a proposal to establish a Strategic Bitcoin Reserve for the United States.
Senator Cynthia Lummis (R-WY) has proposed a plan to establish a Strategic Bitcoin Reserve for the United States, aiming to acquire 1 million BTC over five years and reduce the national debt by 50% within two decades.
The proposal, known as the Bitcoin Act of 2024, seeks to integrate Bitcoin into the nation's asset strategy, positioning the U.S. as a leader in digital finance. Senator Lummis believes that Bitcoin can serve as a hedge against economic risks and contribute to reducing the national debt.
The plan includes a cryptographically attested Proof of Reserve system to enhance transparency. An initial $6 billion in annual earnings from the Federal Reserve would fund the reserve.
The proposal also aims to bolster citizens' property rights for Bitcoin self-custody and aligns with a broader shift toward digital assets in national finance.
The Bitcoin Act has passed two readings and is currently being reviewed by the Committee on Banking, Housing, and Urban Affairs. If enacted, the legislation would significantly advance the U.S.'s standing in Bitcoin adoption.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
