According to "The Block" report, U.S. Republican Senator Cynthia Lummis plans to propose a draft called the "Bitcoin Act of 2024" to develop a path for the federal government and states to hold Bitcoin.
A copy of the draft reads, “As a decentralized and scarce digital asset, Bitcoin has unique attributes that can supplement existing national reserves and strengthen the status of the U.S. dollar in the global financial system.”
The bill includes a "Bitcoin Purchase Plan" to purchase no more than 200,000 Bitcoins per year over a five-year period. Lummis also asked the U.S. Treasury Department to release quarterly reports and make them publicly available on its website. States can also voluntarily participate in storing Bitcoin as part of the reserve, but must adhere to certain requirements, including security protocols.
Cynthia Lummis, a Bitcoin supporter for years, told The Block on July 27 that she would introduce the bill, and while she said the bill would not be signed into law this year, it could be considered after the November election. .
Cryptocurrency has become a hot topic ahead of the upcoming election. U.S. presidential candidate Donald Trump's Communist Party pledged to end "illegal and un-American repression" of the domestic cryptocurrency industry in its party platform this month, while Vice President Kamala Harris's campaign is rumored to have Also started reaching out and asking questions about the cryptocurrency industry.
Related reports: "Full text of Trump's Bitcoin Conference speech: Establishing Bitcoin strategic reserve, firing SEC chairman"
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