Key Notes
- The Bitcoin Act bill by Sen.
- Cynthia Lummis expands on a Trump-era executive order and directs the Treasury to acquire Bitcoin.
- The 1 million BTC acquisition will happen over five years through budget-neutral strategies.
- While the legislation has only Republican backing so far, industry advocates are pushing to make the Bitcoin reserve a priority.
Strategy (NASDAQ: MSTR) executive chairman Michael Saylor, along with top crypto leaders in the US, will be attending the crypto roundtable at Capitol Hill in Washington D.C. this week. The goal is to push forward the Bitcoin Act, which aims to acquire a total of 1 million BTC
BTC
$115 460
24h volatility:
0.5%
Market cap:
$2.30 T
Vol. 24h:
$39.20 B
, as part of the US Treasury.
Pushing ahead the 1 million bitcoin treasury plan
On Sept. 16, more than a dozen crypto advocates will attend the roundtable at Capitol Hill, hosted by Sen. Cynthia Lummis and Rep. Nick Begich, the Republican sponsors of a bill to establish a US “strategic Bitcoin reserve”.
Earlier this year, in March, Sen. Lummis reintroduced the BITCOIN Act titled the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act. The bill proposes designating bitcoin as a strategic reserve asset.
It expanded further on the executive order signed by President Donald Trump, thereby directing the US government to create permanent bitcoin holdings similar to the nation’s gold reserves.
The legislation calls for the US to acquire one million bitcoin over five years through “budget neutral strategies,” as proposed by US Treasury Secretary Scott Bessent. It also broadens Trump’s order that prohibited the sale of Bitcoin and other crypto assets forfeited to the government, instead requiring such assets to be stored in a separate “stockpile.”
The effort comes as Congress continues to advance crypto-related legislation. This summer, lawmakers passed their first bill specifically regulating stablecoins aka GENIUS Act. Now, they are preparing to address broader rules for the digital asset industry.
Passing the bitcoin act remains top priority
Speaking on the development with The Block, Hailey Miller, director of government relations and public policy at the Digital Power Network, said that industry groups, including the DPN, want the creation of a strategic Bitcoin reserve to remain a priority in Washington. Miller added:
The BITCOIN Act is currently before the House Financial Services Committee and the Senate Banking Committee. Miller said that the upcoming roundtable discussions are expected to focus on next steps for the bill and strategies to build bipartisan support. At present, the legislation has backing only from Republican lawmakers.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Source: https://www.coinspeaker.com/bitcoin-act-1m-btc-treasury-push/
