{"id":17346,"date":"2025-03-12T08:47:30","date_gmt":"2025-03-12T08:47:30","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=17346"},"modified":"2025-03-12T08:47:30","modified_gmt":"2025-03-12T08:47:30","slug":"1000000-btc-senator-lummis-re-introduces-bitcoin-bill","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=17346","title":{"rendered":"1,000,000 BTC: Senator Lummis Re-introduces Bitcoin Bill"},"content":{"rendered":"<div>\n<p>\u201cI am proud to reintroduce landmark legislation that will codify President Trump\u2019s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation\u2019s economic foundation for generations to come,\u201d said Senator Lummis on March 11.<\/p>\n<p>The Bitcoin Act, or \u201cBoosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act,\u201d as it is officially called, was originally proposed in July 2024 and needed\u00a0<a href=\"https:\/\/cryptopotato.com\/cynthia-lummis-reaffirms-vision-for-a-strategic-bitcoin-reserve-in-america\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">reintroduction<\/a> due to the new legislative term.<\/p>\n<p>The bill has several Republican co-sponsors, including Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn, and Bernie Moreno.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Proud to re-introduce the BITCOIN Act. Let\u2019s secure America\u2019s financial future.<a href=\"https:\/\/t.co\/jJFmMopP7h\" data-wpel-link=\"external\" target=\"_blank\">pic.twitter.com\/jJFmMopP7h<\/a><\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a href=\"https:\/\/twitter.com\/SenLummis\/status\/1899459877480579344?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">March 11, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Establishing a Nationwide strategic Bitcoin reserve<\/h2>\n<p>Key provisions of the Act include creating a network of secure Bitcoin vaults operated by the US Treasury Department and implementing a program to buy 1 million BTC, or approximately 5% of the total supply.<\/p>\n<p>The Bitcoin Purchase Program authorizes the acquire of 200,000 BTC annually for five years and requires a minimum 20-year holding period.<\/p>\n<p>It also aims to fund the initiative by diversifying existing funds from the Federal Reserve and Treasury and affirms the self-custody rights of private Bitcoin holders.<\/p>\n<p>\u201cBitcoin is not simply a technological opportunity, but a national imperative for America\u2019s continued financial leadership in the 21st century,\u201d <a href=\"https:\/\/www.lummis.senate.gov\/press-releases\/lummis-colleagues-introduce-legislation-to-codify-trumps-revolutionary-strategic-bitcoin-reserve-secure-americas-financial-future\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">said<\/a> Lummis.<\/p>\n<p>Jim Justice called it a \u201ccommon sense bill,\u201d adding:<\/p>\n<blockquote>\n<p>\u201cThere is plenty more to learn for me when it comes to Bitcoin and other cryptocurrencies, but as a businessman I know that this effort just makes sense.\u201d<\/p>\n<\/blockquote>\n<p>Meanwhile, Tommy Tuberville said, \u201cThere\u2019s no reason why we shouldn\u2019t use Bitcoin to pay down our national debt.\u201d<\/p>\n<p>\u201cDecades of out-of-control spending has led to a $36 trillion national debt, and developing a Strategic Bitcoin Reserve is a critical step to improving our nation\u2019s balance sheet,\u201d said Bernie Moreno.<\/p>\n<p>The <a href=\"https:\/\/www.lummis.senate.gov\/wp-content\/uploads\/BITCOINAct.pdf\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">bill<\/a> also aims to reduce Federal Reserve discretionary surplus funds from $6.8 billion to $2.4 billion and redirect $6 billion of Federal Reserve remittances to the Treasury for the next four years.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Say it with me: this is the year for bitcoin and digital assets.<\/p>\n<p>\u2014 Senator Cynthia Lummis (@SenLummis) <a href=\"https:\/\/twitter.com\/SenLummis\/status\/1899598460841509344?ref_src=twsrc%5Etfw\" data-wpel-link=\"external\" target=\"_blank\">March 11, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>State SBR Update<\/h2>\n<p>There are currently 19 US states with strategic Bitcoin reserve legislation pending, 2 with bills in the final stages of approval, and 5 states that have rejected proposals to allow their treasuries to invest in BTC, <a href=\"https:\/\/bitcoinreservemonitor.com\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">according<\/a> to the Bitcoin Reserve Monitor.<\/p>\n<p>On March 6, President Trump <a href=\"https:\/\/cryptopotato.com\/market-tanks-after-trump-signs-executive-order-to-establish-strategic-bitcoin-reserve\/\" data-wpel-link=\"internal\">signed an Executive Order<\/a> to establish a strategic Bitcoin reserve using BTC already seized by the government.<\/p>\n<p>The asset has made a minor recovery today, gaining 4.6% to reclaim the $83,000 price level during early trading in Asia on Wednesday morning. It has <a href=\"https:\/\/cryptopotato.com\/heres-when-bitcoin-will-bottom-and-whats-next-industry-experts-weigh-in\/\" data-wpel-link=\"internal\">corrected<\/a> by almost 30% from all-time highs.<\/p>\n<p>The post <a href=\"https:\/\/cryptopotato.com\/1000000-btc-senator-lummis-re-introduces-bitcoin-bill\/\" rel=\"nofollow\">1,000,000 BTC: Senator Lummis Re-introduces Bitcoin Bill<\/a> appeared first on <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u201cI am proud to reintroduce landmark legislation that will codify President Trump\u2019s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation\u2019s economic foundation for generations to come,\u201d said Senator Lummis on March 11. The Bitcoin Act, or \u201cBoosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act,\u201d as it is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-17346","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17346"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/17346\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}