SHARE. Senator Cynthia Lummis has proposed a bill to adopt bitcoin as a U.S. strategic reserve, sparking bipartisan interest and widespread public support.
In July's #BTC Conference, Senator Cynthia Lummis, a prominent #cryptocurrency advocate, announced her intention to introduce a bill that would allow the U. S. government to adopt bitcoin as a strategic reserve asset. Just five days after her announcement, significant progress has been made on a bill that could be a landmark for the use and acceptance of #cryptocurrencies in the U. S.
pAccording to congressional records, on July 31, Senator Lummis of Wyoming introduced a bill directing the U. S. government to create a bitcoin strategic reserve program.
Speaking at the Bitcoin Conference in Nashville, Lummis explained that the bill would require the U. S. Treasury to purchase one million bitcoins worth about $60 billion over five years. Lummis compared the initiative to the U. S. Strategic Petroleum Reserve, saying that a large reserve of bitcoin would help strengthen the U. S. dollar. He also suggested that these assets could play an important role in reducing the national debt, which currently exceeds 35 trillion U. S. dollars.
the last three days, U. S. senators have received 2,200 letters from voters urging them to support Lummis's bill on a strategic bitcoin reserve. The most letters were received by Democrats - 1,333, Republicans - 850, and independents - 41.
The Lummis bill has now been referred to the Senate Committee on Banking, Housing and Urban Affairs. The committee will scrutinize the bill with experts. If the committee approves the bill, it will return to the Senate for debate and amendments before being voted on. Once approved by the Senate, the bill goes to the House of Representatives and, if passed, to the president.
According to CoinMarketCap, the total cryptocurrency market is valued at approximately $2.15 trillion and has fallen 0.84% in the past 24 hours.
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