Tom Emmer, a Congressman and Vice Chairman of the Digital Assets Subcommittee, is optimistic that the strategic plan for a Bitcoin (BTC) reserve, aimed at acquiring 1 million BTC, will be implemented before the current Congress concludes.
During the Digital Asset Summit, he noted the various bills aimed at establishing state-level Bitcoin reserves. Data shows that 23 states in the US have introduced legislation surrounding Bitcoin reserves.
Emmer stated:
“Indeed, legislation exists. I anticipate that it will be enacted before this Congress wraps up.”
He also mentioned that the Digital Assets Subcommittee is keenly interested in stablecoins, viewing them as an “improved type of currency” that increases accessibility to the US dollar.
1M BTC over 5 Years
In relation to the Bitcoin reserve, Emmer pointed to the recently reintroduced BITCOIN Act, which was authored by Senator Cynthia Lummis and endorsed by five Republican Senators.
The proposed legislation would permit the US government to acquire up to 1 million BTC for its treasury over a period of five years, utilizing the Federal Reserve’s net earnings and adjustments to Treasury certificates based on the Fed’s gold reserves.
These acquired assets would then be retained for a minimum of 20 years, overseen by the Treasury Department. The bill includes provisions for divesting, though it restricts any Treasury Secretary from selling off more than 10% of the reserve within a two-year period.
The Bitcoin reserve initiative initially proposed by President Donald Trump was introduced through an executive order on March 7 and differs from the legislative goals being pursued by lawmakers.
This executive order aims to ensure that Bitcoin seized by US authorities remains a long-term asset and does not set specific timelines for the acquisition or retention of BTC. Current estimates suggest that the US holds nearly 200,000 BTC.
Additionally, it stipulates that any purchase of Bitcoin must occur using budget-neutral methods developed by Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
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Gino Matos
Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).