Senator Lummis Introduces the Bitcoin Act of 2024

Senator Cynthia Lummis has introduced the Bitcoin Act of 2024, which is now in the initial stage of the legislative process.

A bill introduced by Senator Cynthia Lummis, titled the Bitcoin Act of 2024, has now entered the initial phase of the legislative process.

For the proposal to become law, it must first pass through the Senate and the House of Representatives before reaching the President for approval.

Although the bill was introduced earlier this year, renewed interest has surged following Donald Trump’s recent election victory and his comments supporting the creation of a Strategic Bitcoin Reserve.

This momentum has grown further with Bitcoin reaching an all-time high of $93,000 earlier this week.

With Trump’s pro-crypto stance, there is anticipation that the legislative process for the bill could advance more swiftly.

The Bitcoin Act, officially titled the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024, proposes a Strategic Bitcoin Reserve to hedge against inflation and bolster US financial leadership.

This plan was announced by Senator Lummis at a July Bitcoin conference, highlighting its purpose in strengthening the dollar.

The Strategic Bitcoin Reserve, managed by the Treasury, would involve secure, decentralized storage across the US, including provisions for forks and airdrops with a five-year retention period.