According to ChainCatcher, Senator Lummis announced on Saturday that he would introduce a bill to allow the U.S. Treasury to purchase 1 million bitcoins within 5 years.

Cato Institute’s George Selgin said the plan is different from what Lummis proposed on stage at Bitcoin 2024 and is far less ambitious.

According to George Selgin’s conversation with Lummis’ office, the legislation only involves the Fed “indirectly” and has nothing to do with “bank reserves.” The Fed will not be buying any Bitcoin, only the Treasury will.

George Selgin questioned why the Treasury Department should hold gold or Bitcoin, suggesting that it could be sold to pay down debt or fund other efforts.