On March 11, Senator Cynthia Lummis announced on X (formerly Twitter) that she is going to reintroduce the Bitcoin bill in the US Congress today.
Titled “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act,” the legislation would pave the way forward for President Donald Trump’s decision to establish the Strategic Bitcoin Reserve.
“Bitcoin is not simply a technological opportunity, but a national imperative for America’s continued financial leadership in the 21st century,” said the Republican senator from Wyoming.
Last week, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve. For now, it will consist of Bitcoin forfeited by federal agencies during criminal or civil proceedings. The government also plans to acquire additional Bitcoin in the future.
Senator Lummis’ Bitcoin bill, once legislated, will codify the aforementioned Executive Order. It also mentions a Bitcoin Purchase order that mandates the US government to purchase up to 1 million Bitcoin — approximately 5% of total Bitcoin supply—over five years. The Strategic Bitcoin Reserve, as mentioned in the bill, aims to imitate the size and scope of gold reserves held by the US.
The bill directs the Department of Treasury to operate a decentralized network of secure Bitcoin vaults for managing the reserve.
In addition, the bill pushes for the self-custody rights of private Bitcoin holders that should not be infringed upon by the strategic Bitcoin reserve.
Lummis had introduced the bill in July 2024 but it had failed to pass due to little support in the Congress. To remain active, the bill needed to be introduced in this session.