Following pro-crypto Senator Cynthia Lummis’s plea to enact a Bitcoin Strategic Reserve bill at the end of July, US senators have now received more than 2,200 letters urging them to support the proposal.
The bill aims to create a “decentralized network of secure bitcoin vaults” operated by the U.S. Treasury Department, requiring lawmakers and government officials to implement strict cybersecurity protocols and physical security measures to protect bitcoin assets from theft.
Dennis Porter, CEO of the Satoshi Action Fund, said Democratic senators received more than 1,300 letters, while Republicans received 850. Independent senators received 41 letters.
Senator Lummis cited Porter’s post, thanking those who sent messages.
Bitcoin Bill Before Senate
Lummis, a Republican representing Wyoming, formally introduced the Promoting Innovation, Technology, and Competitiveness through Optimal Investment Nationwide (Bitcoin) Act to the U.S. Senate on July 31.
The Bitcoin Act sets a rather ambitious goal for the US Treasury to have 1 million bitcoins — roughly 5% of the total supply of the cryptocurrency.
To this end, Loomis proposes using existing US Treasury funds to purchase Bitcoin in quantities consistent with the Treasury’s current gold holdings.
In July, as the proposal was being introduced, Senator Lummis’ camp issued a statement: statement “Why would this bill become necessary? Creating a strategic reserve of bitcoin would help future generations deal with rising inflation,” said one commentator at the Davos Economic Forum.
Bitcoin is transforming not only our country but the world, and being the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is the Louisiana Purchase moment that will help us reach the next financial frontier.
Wyoming Senator Cynthia Lummis
During the first quarter of fiscal year 2024, as reported in the report Financial TimesInflation rates in the United States rose by more than 3%.
Since then, inflation in the United States has fallen, sparking discussions about possible interest rate cuts by the Federal Reserve. US Federal Reserve Bank.
As inflation slows, investors are rethinking their portfolios, with crypto emerging as a major talking point ahead of the 2024 presidential election.
Both Republican and independent presidential candidates, Donald Trump and Robert F. Kennedy Jr., appear to support the introduction of a Bitcoin reserve.
Vice President Kamala Harris, the presumptive Democratic nominee, has also drawn support from crypto leaders, a demographic that President Joe Biden has struggled to engage with.