US Senator Cynthia Lummis Introduces Bitcoin Strategic Reserve Act in Senate

BlockBeats news, on August 1, according to Cointelegraph, U.S. Senator Cynthia Lummis of Wyoming formally proposed the Bitcoin Strategic Reserve Act, which will instruct the U.S. government to set up a reserve fund for this scarce decentralized asset.

More specifically, the bill will establish a "decentralized secure Bitcoin vault network" controlled by the U.S. Treasury. The bill also instructs legislators and officials to establish strict network security parameters and other physical security measures to ensure that Bitcoin (BTC) funds are not stolen.

The bill also sets a long-term goal of accumulating 1 million bitcoins over time, accounting for about 5% of the total supply of Bitcoin. The bill plans to use existing U.S. Treasury funds to purchase Bitcoin in an amount corresponding to the U.S. Treasury's gold allocation.