Bitcoin's Bright Horizon

Friday 14th of March 2025 15:40:06

Senator Lummis Reintroduces the Bitcoin Act to Fuel US BTC Reserve

Washington D.C. – Senator Cynthia Lummis (R-WY) has reintroduced the Bitcoin Act, a bill aimed at creating a reserve of Bitcoin (BTC) for the United States. The legislation, first introduced in 2021, seeks to promote the adoption and development of BTC in the country.

The reintroduced bill, S. 460, aims to establish a framework for the creation and management of a US BTC reserve. The reserve would be managed by the Federal Reserve, with the goal of promoting financial stability and supporting the development of a decentralized digital currency.

Senator Lummis, a long-time advocate for the adoption of BTC, believes that the bill has the potential to drive innovation and economic growth. "The Bitcoin Act is a critical step towards recognizing the potential of BTC to drive economic growth and financial stability in the United States," she said in a statement.

The bill has gained support from various stakeholders in the BTC ecosystem, including the Chamber of Digital Commerce, the Blockchain Association, and the Crypto Council for Innovation. These organizations believe that the bill has the potential to promote the development of a robust and secure digital currency infrastructure in the US.

The reintroduction of the Bitcoin Act comes at a time when the US is grappling with the challenges posed by the rise of digital currencies. The bill is seen as a step towards recognizing the potential of BTC to drive economic growth and financial stability in the country.

The bill is expected to face opposition from some lawmakers who are skeptical of the potential risks and challenges associated with the adoption of digital currencies. However, Senator Lummis believes that the bill has the potential to promote financial stability and support the development of a robust digital currency infrastructure in the US.

The Bitcoin Act is expected to be considered by the Senate Committee on Banking, Housing, and Urban Affairs in the coming weeks. If passed, the bill would need to be approved by the House of Representatives and signed into law by the President before taking effect.