US Senator Cynthia Lummis Officially Introduces Bitcoin Strategic Reserve Bill

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On July 31, Senator Cynthia Lummis officially presented the Bitcoin Strategic Reserve bill, which calls for the creation of a reserve fund for the decentralized asset.

The proposed bill would direct the United States government to establish a network of secure Bitcoin vaults under the control of the Treasury Department.

It also outlines strict cybersecurity and physical security protocols to prevent theft of the funds.

The bill sets a goal of acquiring 1 million Bitcoin over time, equivalent to approximately 5% of the total supply, using existing funds from the US Treasury.

This would mirror the Treasury’s current allocation of gold.