Key Points
- Senator Cynthia Lummis has reintroduced the Bitcoin Act, proposing the U.S. government acquire 1 million Bitcoin (BTC) for its national reserve.
- The announcement follows President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve.
Senator Cynthia Lummis has once again brought the Bitcoin Act to the forefront, suggesting that the U.S. government should purchase 1 million Bitcoin (BTC) to add to its national reserve.
The bill was co-sponsored by West Virginia Republican Senator Jim Justice, and was initially presented in July 2024. However, it failed to gain traction due to a lack of bipartisan support.
Reviving the Bitcoin Act
With a new congressional session in progress, Lummis is making another attempt to push this legislation.
She had hinted at this announcement earlier, revealing her co-hosting role at the Bitcoin for America event in Washington, D.C.
The Bitcoin Policy Institute organized the event to discuss Bitcoin’s role in the U.S. economy with top executives, public officials, and policy experts.
In her announcement, Lummis used Bitcoin’s symbol (₿), stating, “₿ig things cooking,” hinting at significant developments or potential legislative initiatives regarding Bitcoin.
Strategic Bitcoin Reserve
This move comes after President Donald Trump’s executive order to establish a Strategic Bitcoin Reserve. However, Trump’s order is more focused on managing seized crypto assets rather than acquiring new ones.
Lummis’ proposal, on the other hand, aims to take a more proactive stance on Bitcoin adoption at the federal level.
