Details of Senator Lummis’s bill to create a US BTC reserve have emerged.
After the dust has settled, you can look at the important results of the Bitcoin 2024 conference. The most interesting of them is the presentation of a bill to create a strategic US BTC reserve authored by Republican Senator Cynthia Lummis. As announced.
Of course, she didn’t read it at the actual performance. But she solemnly showed it, raising it up.
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The document, as is already known, asks the States to buy 1 million BTC over 5 years. That is, 200,000 BTC per year.
#TheBlock has studied the draft version of the bill and provides other interesting details.
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Thus, it is assumed that the US Treasury will publish quarterly reports on the purchase of cryptocurrencies and post them on its website. Importantly, it also gives individual states the right to purchase BTC on their own. The bill states that “As a decentralized and scarce digital asset, BTC has unique properties that complement existing national reserves, strengthening the position of the US dollar in the global financial system.”
The document is called the Fostering Innovation, Technology, and Competitiveness through Streamlined Investments Nationwide Act of 2024, or the Bitcoin Act of 2024 for short.
ps: another result of the conference - Donald Trump collected $25 million in donations from participants in the Bitcoin 2024 conference. This was reported by#FOXBusiness crypto-journalist Eleanor Terrett.
A good businessman is good at everything 😁. Promises to create a US strategic BTC reserve and fire SEC head Gensler yielded results.
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