According to a draft copy obtained by The Block, Sen. Cynthia Lummis’ bill would provide a path for the U.S. to own bitcoin and give states the option to do so as well.
The bill is called the “Enhancing Innovation, Technology and Competitiveness Act.” According to the draft version, it is called the “Optimized National Investment Law 2024” or “Bitcoin Law 2024” for short.
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It offers unique characteristics as a decentralized and scarce digital asset. Strengthens the U.S. dollar’s position by supplementing existing national reserves. “In the global financial system,” it reads, according to a copy of the draft bill.
The bill would create a “Bitcoin Purchase Program” that would allow the purchase of no more than 200,000 bitcoins per year for five years, equivalent to 1 million BTC. Lummis would also require the U.S. Treasury to publish quarterly reports and make them available on its website. States could also voluntarily participate in storing bitcoin holdings as part of their reserves, and would be subject to certain requirements, including security protocols.
The Wyoming Republican, who has supported Bitcoin for years, told The Block she would introduce the bill on July 27. She said the bill would not be signed into law this year, but could be considered after the November election.
Cryptocurrencies are a constant topic of conversation ahead of these elections. GOP presidential candidate Donald Trump have I promised As efforts to end the “illegal and un-American crackdown” on the U.S. cryptocurrency industry continue, Vice President Kamala Harris’s presidential campaign team has begun reaching out to the U.S. to end the “illegal and un-American crackdown” on the cryptocurrency industry. question About the cryptocurrency industry.
Gold, Oil, Bitcoin
The U.S. already has reserves in assets such as gold and oil, Lummis said. name July 27th.
“Establishing a strategic bitcoin reserve to back the U.S. dollar with a digital physical asset would help solidify our nation’s position as a global financial leader in the decades ahead,” Loomis said.
The draft bill included provisions relating to adjustments to gold securities.
“Not later than 6 months after the date of enactment of this section, each Reserve Bank shall surrender to the Secretary all outstanding gold certificates in its custody,” the draft bill reads. “Not later than 90 days after the last gold certificate is surrendered, the Secretary shall issue to each Reserve Bank a new gold certificate reflecting the fair market value of the gold held by the Treasury for such certificate on the date specified by the Treasury for each certificate.”
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