Following pro-crypto Senator Cynthia Lummis’ plea to enact a Bitcoin Strategic Reserve invoice on the finish of July, U.S. Senators have now obtained over 2,200 letters urging them to assist the proposal.
The invoice goals to create a “decentralized network of secure Bitcoin (BTC) vaults” managed by the U.S. Treasury, mandating lawmakers and authorities officers to implement stringent cybersecurity protocols and bodily safety measures to safeguard Bitcoin property from theft.
In accordance with Satoshi Motion Fund CEO Dennis Porter, Democratic senators obtained greater than 1,300 letters, whereas Republicans obtained 850. Impartial Celebration senators obtained 41.
Senator Lummis quoted Porter’s submit, giving because of those that despatched the letters.
BITCOIN Act To Senate
Lummis, a Republican representing Wyoming, formally launched the Boosting Innovation, Know-how and Competitiveness by means of Optimized Funding Nationwide (BITCOIN) Act to the U.S. Senate on July 31.
The BITCOIN Act units a moderately bold goal for the US Treasury to amass 1 million Bitcoin — roughly 5% of the cryptocurrency’s whole provide.
To attain this, Lummis proposes utilizing current U.S. Treasury funds to buy Bitcoin in portions that align with the Treasury’s present gold holdings.
In July, in the course of the introduction of the proposal, Senator Lummis’ camp launched a press release on why the invoice may change into a necessity, saying that making a strategic Bitcoin reserve would assist future generations cope with the growing-rates of inflation.
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Wyoming Senator Cynthia Lummis
In the course of the first quarter of the monetary yr 2024, as reported by the Monetary Occasions, US inflation charges rose by greater than 3%.
Since then, U.S. inflation has dropped and sparked discussions about potential rate of interest cuts by the U.S. Federal Reserve.
As inflation cools, traders are reconsidering their portfolios, with cryptocurrency rising as a key speaking level forward of the 2024 presidential election.
Presidential candidates from each the Republican and Impartial events, Donald Trump and Robert F. Kennedy Jr, appear to assist the introduction of a Bitcoin reserve.
Vice President Kamala Harris, the presumptive Democratic nominee, has additionally garnered assist from leaders within the cryptocurrency sector, a demographic President Joe Biden struggled with.