On July 27, 2024, Senator Cynthia Lummis introduced a significant draft bill at the Bitcoin 2024 conference. This proposed legislation aims to allow U.S. states to include Bitcoin in their treasury reserves. The bill, known as the “Strategic Bitcoin Reserve” bill, suggests the U.S. Treasury purchase one million Bitcoin, worth about $68 billion, to create a national reserve.
Lummis, an advocate for cryptocurrency, believes this move will strengthen the U.S. financial system. She argues that holding Bitcoin can provide a hedge against inflation and diversify state reserves. The bill also aims to clarify the regulatory framework for digital assets in the U.S., specifying the roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
The bill’s introduction has sparked both interest and debate. Supporters see it as a forward-thinking approach to integrating digital assets into the financial system. Critics, however, express concerns about the volatility of Bitcoin and the implications of such a significant investment.
The final draft of the bill will be formally released later this year. If passed, it could mark a transformative step for cryptocurrency adoption in the United States.
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