Senator Cynthia Lummis Isn't Going to Stop on Her Mission to Create a Strategic Bitcoin Reserve

The proposed mechanism involves the U.S. Treasury Department acquiring 1 million Bitcoin over five years

Senator Cynthia Lummis (R-WY) is planning to reintroduce legislation in the next Congress that would establish a "Strategic Bitcoin Reserve" within the U.S. Department of the Treasury, according to a recent interview with Decrypt.

The bill, titled the Boosting Innovation, Technology, and Competitiveness Through Optimized Investment Nationwide Act, was first introduced in July. It aims to create a decentralized network of secure Bitcoin vaults operated by the Treasury.

The legislation also includes a provision for the U.S. to acquire 1 million Bitcoin over a set period of time to achieve a total stake of approximately 5% of the total Bitcoin supply. Additionally, it seeks to affirm the self-custody rights of private Bitcoin holders.

Lummis, a known Bitcoin advocate, has been pushing for the integration of digital assets into the U.S. financial system. In the past, she has likened Bitcoin to a "digital-age asset capable of enhancing the financial leadership and security of the U.S. in the 21st-century global economy."

The bill's introduction in the last Congress did not lead to further action, but Lummis remains optimistic about its prospects in the upcoming session.

"Next Congress is the perfect time to get this legislation and other common sense digital asset bills across the finish line," she said.