According to BlockBeats, on August 1, Wyoming Senator Cynthia Lummis officially introduced the Bitcoin Strategic Reserve Act. This legislation aims to establish a reserve fund for Bitcoin, a scarce decentralized asset, under the control of the U.S. government.

The bill proposes the creation of a 'decentralized secure Bitcoin vault network' managed by the U.S. Treasury. It also mandates lawmakers and officials to develop stringent cybersecurity parameters and other physical security measures to safeguard Bitcoin (BTC) funds from theft.

Additionally, the bill sets a long-term goal of accumulating 1 million Bitcoins over time, which would represent approximately 5% of the total Bitcoin supply. The plan involves using existing U.S. Treasury funds to purchase Bitcoin in amounts corresponding to the U.S. Treasury's gold allocations.