Main Contents of the Bill:
Establishing a storage system: This bill would establish a decentralized network to store Bitcoin, operated by the U.S. Department of the Treasury. This system will comply with strict legal requirements on physical and cyber security to protect the country's Bitcoin assets.
Buy Bitcoin: This program involves purchasing 1 million units of Bitcoin over a specified period of time, with the goal of owning approximately 5% of the total Bitcoin supply, similar to the size of the United States' gold reserves.
Funding: Funding for this program will be accomplished through diversification of existing funds within the Federal Reserve System and the Treasury Department.
Protecting the right to personal storage: The bill also affirms the right of individuals to self-storage Bitcoin and emphasizes that this national Bitcoin strategy does not violate individual financial freedom.
🔸 Vision and Purpose:
Senator Lummis emphasized that, amid rising inflation and record national debt, investing in Bitcoin will help strengthen the US dollar and reduce the national debt, while making the United States a first developed country to use Bitcoin as a savings technology, cementing its leading position in global finance.
Stay tuned for more details on the progress and impact of this bill! 📈🌍
🔗 #BitcoinLegislation #FinancialInnovation #CynthiaLummis
