(MENAFN- Bazoom Group)
Wyoming Senator Cynthia Lummis has explained details of a bill that requires the United States to hold Bitcoin (BTC) as part of its strategic reserves. A draft legislation from her office fleshes out an earlier proposal, describing how the US will purchase and fund Bitcoin tokens. Lummis wants the US to buy 200,000 Bitcoin annually for five years.
The Bitcoin and cryptocurrency sector has become so popular that it is a talking point for the upcoming elections. As popularity and adoption increase, use cases also become more varied, ranging from finance applications to online gambling and other entertainment uses. Away from basic applications of BTC and cryptocurrencies, bettors can find a Bitcoin casino list comprising several platforms that allow players to enjoy the thrill of online gambling by depositing and wagering digital assets, including BTC, ETH, SOL, ADA, USDT, and BNB.
According to a publication from her office, the senator believes that establishing a Bitcoin reserve would “firmly secure the dollar’s position as the world’s reserve currency.” She also said this plan would guarantee that the US remains the world leader in financial innovation.
The draft bill, currently titled the “Bitcoin Act of 2024,” features a “Bitcoin Purchase Program” in which the US will accumulate 1 million BTC over five years. The US Treasury Department will handle this purchase and publish quarterly public reports.
Lummis’ plans come as information on the Treasury Department’s website reveals that the US gross national debt crossed the $35 trillion mark for the first time. In a post on X, Lummis announced that a strategic Bitcoin reserve could “stop this runaway train” and help reduce the national debt for future generations.
Lummis’ earlier press release on the bill specifies the purchase would be paid for by diversifying funds from the Federal Reserve System and Treasury Department. It also states that the legislation would create a network of Bitcoin vaults with statutory provisions that ensure the highest level of cybersecurity and physical security for the funds.
“Families across Wyoming and the US are struggling to keep up with soaring inflation rates and record-breaking costs while our national debt reaches unprecedented levels; now more than ever, we need to create a brighter future for generations of Americans by diversifying into Bitcoin and securing our economic future,” Lummis wrote.
According to the bill, the Bitcoin holdings cannot be sold for at least 20 years except to pay off federal debt. After 20 years, liquidation within any two-year period will be set at a maximum of 10%.
The Wyoming senator is a well-known Bitcoin advocate who has consistently favored the industry. In May, Lummis spoke out against what she described as a “hyper-aggressive argument” from the Department of Justice. According to her, the Department of Justice’s position that non-custodial software qualifies as a money transmission service contradicts its own guidance. She also said that any argument against self-custody software threatens the fundamental property rights of Americans.
Lummis has been a vocal critic of the government’s anti-crypto stance since the United States Securities and Exchange Commission (SEC) issued the contentious “Staff Accounting Bulletin 121” policy. If the bill succeeds, crypto gambling, decentralized finance (DeF), crypto mining, and several other uses of digital assets could become more accepted and widespread.
MENAFN07082024006882014819ID1108527751
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.