The United States Is Taking Significant Steps Toward Integrating Bitcoin Into Its National Financial Framework

This step coincides with Bitcoin's ongoing price discovery phase, which has already reached a new all-time high. Donald Trump's presidential victory further fuels the optimism surrounding this move.

The United States is taking significant steps toward integrating Bitcoin into its national financial framework. This move coincides with Bitcoin’s ongoing price discovery phase, which has already seen the asset reach a new all-time high. Donald Trump’s presidential victory further fuels the optimism surrounding this development.

In the latest update on this front, Senator Cynthia Lummis has introduced the “Bitcoin Act of 2024” in US Congress. The bill is currently in the early stages of the legislative process, and it seeks to strengthen US finances—amidst concerns over the national debt—by establishing a US Bitcoin Reserve.

Under the proposal, the US government would acquire 1 million Bitcoins, which is roughly 5% of the total supply, and hold it for at least 20 years. At current market prices, this would amount to an investment of approximately $90 Billion. The plan has generated significant attention and debate within the cryptocurrency community.

The bill, which is officially designated as US Bill S4912, also includes provisions that protect the rights and security of both individual and institutional Bitcoin holders. It explicitly prohibits the federal government from seizing Bitcoin, ensuring that digital assets are safeguarded under US law.

This legislative effort signals a broader push to incorporate digital currencies into federal economic strategies.

How US Citizens Are Advocating For Bitcoin Reserve Inclusion

The proposed bill by Senator Lummis outlines a specific plan for the US government to build a Strategic Bitcoin Reserve, with the goal of acquiring 200,000 Bitcoin each year for the next five years.

This would result in a total Bitcoin holding with an estimated value of $87 billion, based on current market prices. The initiative marks a major commitment to investing in cryptocurrency at the federal level.

In a bid to influence government officials and encourage their support for the initiative, a grassroots movement has emerged across the US, rallying citizens to send letters to their state legislators.

Over 120,000 letters have been sent so far, reflecting the growing public demand for the “Strategic Bitcoin Reserve” proposal.

The support for this initiative is widespread, with about 62,300 letters directed to Democratic lawmakers and over 60,500 to Republicans, highlighting broad bipartisan backing for this forward-thinking economic strategy.

According to Senator Lummis, the call for a Bitcoin Reserve is part of a broader movement, which also sees Bitcoin playing a role as a potential safeguard against inflation and a stabilizing force during periods of economic volatility.

Supporters believe that incorporating Bitcoin into national reserves will protect the country’s financial stability and solidify its leadership in the evolving digital economy.

Change in the enforcement of cryptocurrency-related cases

After a string of prominent cryptocurrency crime convictions, including the high-profile case of FTX founder Sam Bankman-Fried, the US Attorney’s Office in Manhattan has reduced its emphasis on crypto-related offenses, a senior prosecutor confirmed on Friday.

The adjustment in focus aligns with the recent appointment of former SEC Chairman Jay Clayton as the US Attorney for the Southern District of New York, a move announced by President Donald Trump.

This change in priorities highlights the office’s success in securing major convictions within the cryptocurrency space, leading to a reallocation of resources as enforcement efforts evolve.

However, the shift in focus has also sparked concerns about the future level of federal scrutiny over the fast-changing crypto market.

The crypto community is keeping a close watch on legislative changes, particularly with Senator Lummis’s introduction of the “Bitcoin Act of 2024″, which proposes to deepen the integration of cryptocurrencies into the US financial system.

The bill and the evolving regulatory landscape mark a crucial juncture for cryptocurrency regulation and enforcement in the US, signaling potential shifts in how digital assets are governed moving forward.

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.