Senator Cynthia Lummis To Reintroduce Bitcoin Act Bill

This development is significant as the bill, if passed, would provide further legitimacy for the Strategic Bitcoin Reserve which US President Donald Trump created

Senator Cynthia Lummis is set to reintroduce the Bitcoin Act bill in the U.S. Congress on Thursday, the outspoken cryptocurrency supporter said.

Lummis, a Republican from Wyoming, said the bill will codify President Donald Trump’s vision to create a U.S. Strategic Bitcoin Reserve. Trump signed an executive order last week to create the reserve, which will be funded by the federal government's BTC holdings from seizures.

"Today, I'm proud to reintroduce the Bitcoin Act in Congress. This landmark legislation will codify President Trump's bold vision to establish the U.S. Strategic Bitcoin Reserve and strengthen our nation's economic foundation for future generations," Lummis said in a post on X, formerly Twitter.

"Bitcoin isn't simply a technological opportunity; it's a national imperative for America's continued financial leadership in the 21st century. As the world's leading currency, the dollar is in danger of being displaced by new, digital currencies, leaving the U.S. vulnerable and unable to compete on the global stage."

Lummis added that her bill will also ensure that the U.S. Congress can convert Trump's executive order into law.

"This will allow us to harness the full potential of digital innovation to address our national debt and maintain our competitive edge in the global economy."

Earlier this month, Lummis said that she is working with Senator Bill Hagerty to get an amendment to the pending Continuing Resolution bill to mandate the U.S. to begin purchasing bitcoin. The amendment would also require the Treasury Department to create a program for reimbursing those whose bitcoin was seized by the government at market value.

Lummis has been a vocal supporter of bitcoin and other cryptocurrencies during her time in Congress. In 2021, she introduced the Lummis-Gillibrand bill, which would create a regulatory framework for cryptocurrencies. The bill, which was co-written with Democratic Senator Kirsten Gillibrand of New York, would also grant the Commodities Futures Trading Commission (CFTC) primary regulatory jurisdiction over cryptocurrency exchanges.