The crypto-loving Senator Cynthia Lummis has officially reintroduced the BITCOIN Act, a bill that aims to establish a Strategic Bitcoin Reserve for the United States. The legislation, which builds on President Trump’s executive order, is designed to make Bitcoin a core financial asset for the federal government. Cynthia, along with several Republican senators, wants to use Bitcoin to help tackle the country’s $36 trillion national debt while securing America’s role in global finance. “Today, I am proud to reintroduce landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthen our nation’s economic foundation for generations to come,” Cynthia said. She called Bitcoin a “national imperative” and said the BITCOIN Act would allow the U.S. to “harness the full potential of digital innovation” while keeping its competitive edge. Lawmakers push for Bitcoin to strengthen the U.S. economy The BITCOIN Act has strong backing from Republican senators, who see Bitcoin as an opportunity to stabilize the country’s financial future. Jim Justice, one of the original cosponsors, said he supports the bill because it “makes sense” from a business perspective. “This bill represents America’s continued leadership in financial innovation, bolsters both our economic security, and gives us an opportunity to wrangle in our soaring national debt,” Jim said. Senator Tommy Tuberville also threw his support behind the bill, arguing that Bitcoin should be used to pay off the national debt. “Like President Trump, Bitcoin has shaken up the status quo in Washington D.C. and is completely revolutionizing the way Americans invest in their futures,” Tommy said. “Creating a Strategic Bitcoin Reserve is an important step in making sure the United States remains the strongest economy in the world.” The bill also has backing from Bernie Moreno, who pointed to the $36 trillion national debt as the driving force behind his support. “Decades 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’s balance sheet,” Bernie said. He added that the BITCOIN Act would “strengthen the U.S. dollar, help Americans hedge against inflation, and improve our financial security.” Senator Roger Marshall emphasized that Bitcoin would help protect the country’s financial position. “The world’s economic landscape is ever-evolving, and America must adapt to remain the world’s foremost finance superpower,” Roger said. He argued that the BITCOIN Act would “diversify, strengthen, and decentralize the critically important assets that back our currency.” In the House of Representatives, Nick Begich has introduced a companion bill to ensure Bitcoin is recognized as a strategic asset on both legislative fronts. “Bitcoin is the future of financial sovereignty, and the United States has a unique moment in time to secure its leadership in the global digital economy,” Nick said. He called Cynthia a “trailblazer” for pushing Bitcoin legislation in Congress and said the BITCOIN Act would help solidify Bitcoin’s role in America’s financial future. What the BITCOIN Act actually does The BITCOIN Act lays out a plan for the United States to acquire a massive Bitcoin reserve, similar in scale to its gold holdings. Under the bill, the government would launch a 1-million-unit Bitcoin purchase program, giving the U.S. control over roughly 5% of Bitcoin’s total supply. This would be funded by reallocating resources from the Federal Reserve System and Treasury Department without additional taxpayer spending. The bill also proposes creating a network of secure Bitcoin vaults under the control of the U.S. Treasury, with strict physical and cybersecurity measures in place. Cynthia made it clear that private Bitcoin holders would not be affected, emphasizing that the reserve would not infringe on self-custody rights. Following President Trump’s executive order, Cynthia said the administration is staying true to its promise to support crypto. “President Trump promised to lead the most pro-crypto administration in U.S. history, and today he is fulfilling that promise,” Cynthia said. “By embracing Bitcoin as a strategic asset, President Trump has charted a path to addressing our national debt and securing America’s position as the world leader in financial innovation.” Cynthia said she was confident the BITCOIN Act would pass. “The American people will look back on this decision as the moment we reclaimed our financial future, and I look forward to partnering with President Trump to get this across the finish line.” Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot
