Senator Lummis' Bitcoin bill revealed
Details of this work of US senator Cynthia Lummis, who announced that she was preparing a bill related to this issue after Donald Trump made a strategic reserve statement with Bitcoin on Saturday, were revealed. According to the prepared draft, the US state is planned to receive 1 million BTC with a 5-year program, not more than 200 thousand units every year. In addition, states will be able to buy Bitcoin and create their own reserves.
Details of the Bitcoin bill prepared by Cynthia Lummis, the Republican senator of the state of Wyoming, known for her positive laws against cryptocurrencies in the USA, have emerged. In the draft text reached by The Block from the US media, it is especially possible for each state to hold its own Bitcoin reserve.
Wyoming Senator Lummis attended the Bitcoin Conference in Nashville on Saturday evening with Trump, where he announced that he had drafted a bill on the creation of 1 million BTC reserves. Lummis also said he expected the bill to be enacted in 2025, not in 2024, after the presidential election.
Treasury will announce on a quarterly basis
Lummis' bill also demands that the Treasury Department make an official quarterly statement about the Bitcoins received. The figures will also be clearly displayed on the ministry's website. States will be able to both create their own reserves and participate in the storage of the main state reserves if they comply with some criteria.
The Turkish translation of the draft law, which is set as "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024", which is short for "2024 BITCOIN Law" and whose long version will consist of the initials of Bitcoin, can be seen as "Law to increase innovation, technology and competitiveness through investments made available throughout the country 2024".
