Senator Cynthia Lummis has launched the Strategic Bitcoin Reserve invoice to the US Congress, marking the beginning of a legislative course of with important potential impacts on the cryptocurrency market and US financial coverage.
On August 3, Senator Lummis introduced that the Senate Committee on Banking, Housing, and City Affairs acquired the Bitcoin Act of 2024 (S.4912).
US Bitcoin Reserve Invoice Begins Legislative Course of
The Congress web site reveals that the invoice was learn twice earlier than being assigned to the committee. It’s now on the introduction stage, the primary of 5 steps to grow to be legislation. The invoice should nonetheless cross each Senate and Home votes earlier than reaching the President for remaining approval.
First proposed on the Bitcoin 2024 Convention, the invoice goals to create a reserve BTC fund for the US. It proposes buying 1 million BTC, roughly 5% of the entire provide, funded by surplus funds from the US Treasury. The Wyoming lawmaker emphasised the invoice’s significance within the context of rising inflation and nationwide debt.
“For my grandkids, I hope to depart issues higher than I discover them as we speak. A Strategic Bitcoin Reserve is for them. Low-time choice coverage is required to win the longer term,” she mentioned.
Notably, Republican candidate Donald Trump has expressed related intentions to ascertain a US Bitcoin reserve if elected. He prompt that the flagship asset could possibly be used to handle the hovering nationwide debt.
In the meantime, the invoice has garnered important help from the crypto neighborhood.
Dennis Porter, founding father of the Satoshi Motion Fund, reported that bipartisan members despatched round 2,500 letters to lawmakers. 1,333 letters went to Democratic senators, 850 to Republican senators, and 41 to Independents.
Crypto Neighborhood Letters in Assist of the Bitcoin Invoice. Supply: X/Dennis Porter
Market analysts spotlight that this bipartisan outreach underscores important curiosity in Bitcoin’s worth as establishing a Strategic Bitcoin Reserve may affect each US and world cryptocurrency markets. Furthermore, this transfer would grant official recognition to Bitcoin within the US and would possibly immediate different international locations to undertake related measures.
“Bitcoin is the one credible asset that may outperform the nationwide debt over 20 years. There isn’t any different choice,” Will Cole, the pinnacle of product at Zaprite, acknowledged.