U.S. Sen. Cynthia Lummis (R-WY) introduced legislation to establish a strategic Bitcoin reserve to serve as an additional store of value to bolster the federal government’s balance sheet.
Specifically, the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act (S.954) would:
• Establish a decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s Bitcoin holdings.
• Implement a 1-million-unit Bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States.
• Be paid for by diversifying existing funds within the Federal Reserve System and Treasury Department.
• Affirm self-custody rights of private Bitcoin holders and emphasize that the strategic Bitcoin reserve shall not infringe upon individual financial freedoms.
“Today, I am proud to reintroduce landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation’s economic foundation for generations to come,” Lummis said. “Bitcoin is not simply a technological opportunity, but a national imperative for America’s continued financial leadership in the 21st century. By transforming the president’s visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy.”
Sen. Jim Justice (R-WV), Tommy Tuberville (R-AL), Roger Marshall (R-KS), Marsha Blackburn (R-TN), and Bernie Moreno (R-OH) are cosponsors of the bill.
“I’m proud to join Senator Lummis on this common-sense bill to create a strategic Bitcoin reserve and codify President Trump’s executive order,” Justice said. “This bill represents America’s continued leadership in financial innovation, bolsters both our economic security, and gives us an opportunity to wrangle in our soaring national debt. There is plenty more to learn for me when it comes to bitcoin and other cryptocurrencies, but as a businessman I know that this effort just makes sense.”
U.S. Rep. Nick Begich (R-AK) introduced companion legislation in the U.S. House of Representatives.
“Bitcoin is the future of financial sovereignty, and the United States has a unique moment in time to secure its leadership in the global digital economy,” Begich said. “The BITCOIN Act ensures that America remains at the forefront of innovation while strengthening our national economic security. Senator Lummis has been a trailblazer in this space, championing the importance of Bitcoin on Capitol Hill. I am honored to partner with her on historic legislation that will solidify Bitcoin as a strategic national asset and reinforce America’s economic independence for generations to come.”