Senator Cynthia Lummis has reintroduced the Bitcoin Act during a conference centered around Bitcoin, organized by the Bitcoin Policy Institute.
The legislation, co-sponsored by West Virginia Republican Senator Jim Justice, advocates for the U.S. government to purchase 1 million Bitcoin (BTC) to incorporate into its national reserves.
This proposal was initially presented in July 2024 but did not proceed due to insufficient bipartisan backing. With the new congressional session in session, Lummis is making another attempt to move this initiative forward.
Lummis had previously hinted at this announcement, mentioning her role as a co-host for the Bitcoin for America event that was set to take place in Washington, D.C.
The Bitcoin Policy Institute arranged the gathering to bring together key executives, public officials, and policy specialists to discuss the role of Bitcoin in the U.S. economy.
Strategic Bitcoin Reserve
This initiative comes in the wake of former President Donald Trump’s recent executive order that established a Strategic Bitcoin Reserve. However, Trump’s directive primarily addresses the management of seized crypto assets rather than the acquisition of new ones.
Lummis’ proposal represents a more proactive approach to Bitcoin adoption at the federal level.