$PROS $PNUT $XRP US Senator Cynthia Lummis has introduced the "Bitcoin Act of 2024" to a vote in Congress, which would create a strategic reserve for the country's first cryptocurrency. According to the initiative, the purpose of creating the reserve is to "generate, store, and manage private keys associated with government bitcoin assets."

The bill would involve the purchase of 1 million BTC (no more than 200,000 BTC per year for five years). The Fed's gold reserves would be used for these purposes.

The storage period for digital assets would be at least 20 years, but the document provides for exceptions. The responsibility for the safety and monitoring of the cryptocurrency would be assigned to the so-called "secretary." It is also required to establish a system of proof of reserves. In addition, after the minimum holding period, the Secretary must not recommend the sale of more than 10% of the assets in the reserve over a two-year period.

The bill also introduces several terms, including “airdrop,” “bitcoin purchase program,” “cold storage,” and “fork.” Almost all of them are consistent with established language.