Just In: Senator Cynthia Lummis To Reintroduce Bitcoin Act Bill In US Congress
Highlights
- Senator Cynthia Lummis will reintroduce the Bitcoin Act bill, which if passed, will mandate the US to buy up to 1 million BTC.
- The Senator stated that this move will codify Trump's vision to create the Strategic Bitcoin Reserve.
- Meanwhile, a Texas lawmaker has introduced a bill which proposes for the state to acquire up to $250 million worth of BTC and other crypto assets.
Senator Cynthia Lummis has revealed that she will reintroduce the Bitcoin Act bill in the US Congress. This development is significant as the bill, if passed, would provide further legitimacy for the Strategic Bitcoin Reserve which US President Donald Trump created with an Executive Order last week.
Senator Lummis To Reintroduce Bitcoin Act Bill
In an X post, Senator Lummis revealed that she will reintroduce the Bitcoin Act bill in the US Congress today. She noted that this “landmark legislation” will codify President Trump’s bold vision to establish the US Strategic Reserve and strengthen the nation’s economic foundation for future generations.
As CoinGape reported last week, Donald Trump signed an Executive Order to create the much-anticipated Bitcoin Reserve. The US plans to use its Bitcoin from seizures to make up this reserve. Senator Lummis’ bill, if passed, will provide a major boost for the reserve as it will mandate the US to purchase up to 1 million BTC.
In her post, the Congresswoman stated that Bitcoin is not simply a technological opportunity but a national imperative for America’s continued financial leadership in the 21st century.
By transforming Trump’s Executive Order into law, Lummis stated that the US Congress can ensure that the nation will harness the full potential of digital innovation to address its national debt while maintaining a competitive edge in the global economy.
Texas Lawmaker Introduces Bitcoin Reserve Bill
Amid the reintroduction of the Bitcoin Act bill in the US Congress, a Texas Lawmaker has introduced a bill which proposes that the state acquires up to $250 million worth of Bitcoin and other cryptocurrencies.
It is worth mentioning that there is already a Bitcoin Reserve bill which the Texas Senate recently passed and is moving to the House for consideration. If passed, the US state will become the first to be able to BTC on its balance sheet. These developments undoubtedly provide a bullish outlook for the Bitcoin price, with the flagship crypto enjoying greater acceptance and adoption.
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