US Senator Cynthia Lummis Reintroduces The Bitcoin Act, Which Proposes the Government Include the Asset in Its National Reserves

United States Senator Cynthia Lummis has reintroduced The Bitcoin Act, which proposes the government include the asset in its national reserves. This comes after President Trump's executive order creating a Strategic Bitcoin Reserve last week.

United States Senator Cynthia Lummis has reintroduced The Bitcoin Act, which proposes that the government include the asset in its national reserves. This comes after President Trump's executive order creating a Strategic Bitcoin Reserve last week. In recent months, the U.S. has set the pace for pro-Bitcoin policies in line with Trump's vision.

Bitcoin Act Is Back

Taking to X, Senator Lummis announced the landmark legislation to directly codify President Trump's vision for the industry. The President's executive order was met with enthusiasm from the market as it opened up a new chapter for Bitcoin. However, it leaned towards seized crypto assets and how they would be handled by the government. The Bitcoin Act focuses more on large-scale adoption to increase present holdings.

According to the bill, the country will acquire 1 million BTC over five years as part of its reserve to help fund debt payments. New assets will be added using Federal Remittances, Gold Certificate Revaluations, and the Exchange Stabilization Fund without taxpayer money. The bill proposes that the Secretary establish a decentralized network to secure BTC holdings across the country to minimize the risk of simultaneous compromise.

"Transforming the President's visionary executive action into enduring law will ensure that our nation can harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy," Lummis said. "Together, we are not just adapting to the future, we are actively shaping it, writing the next chapter in America's proud history of financial innovation."

The bill was initially introduced in July 2024 but failed to get bipartisan support in the previous Congress, especially with the Democratic administration seen as opposed to the crypto industry. Last month, she teased the reintroduction of the bill when she announced her role in Bitcoin For America, an initiative set for March 11.

Pro-Bitcoin Lawmakers Support The Bill

The bill is also co-sponsored by Congressman Nick Begich, a Republican from Alaska, who chairs the House Appropriations Subcommittee on Economic Development, Public Works, and Energy.

"A Strategic Bitcoin Reserve will ensure America's enduring dominance in global finance and strengthen our economy with the unmatched engine of technological innovation," Begich said.

Multiple industry leads also voiced support for the bill, as policy watchers highlight its role in global adoption.

"Senator Lummis's The Bitcoin Act is a pivotal step in advancing President Trump's vision for a Strategic Bitcoin Reserve," said Steve McErlean, Executive Director of the Lummis Competes Act. "This legislation will be instrumental in facilitating the large-scale purchase of Bitcoin by the United States, a move that is crucial for the country to maintain its competitive edge in the global financial system."

Bitcoin enthusiasts expressed optimism following the announcement amid a downturn in crypto prices this year.

Market analysts projected that the reserve would have a massive impact on Bitcoin price and encourage positive crypto regulations.

At the time of writing, BTC price stands at $85,029, showing a 4.4% uptick in the past 24 hours.