Senator Cynthia Lummis has described the BITCOIN Act as a "solution" to addressing the national debt and securing America's future prosperity. Lummis made this statement in a March 11 post on X.
"The BITCOIN Act is the solution to our national debt, and the future of American prosperity," said Lummis.
According to Lummis, who represents Wyoming, she reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the Senate. The act is co-sponsored by Senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn, and Bernie Moreno. In parallel, Representative Nick Begich from Alaska introduced similar legislation in the House. The BITCOIN Act seeks to create a strategic Bitcoin reserve aimed at strengthening the U.S. balance sheet and ensuring transparent management of federal Bitcoin holdings. The proposal includes establishing secure Bitcoin vaults managed by the Treasury, initiating a 1-million-unit Bitcoin purchase program, and affirming private Bitcoin holders' self-custody rights.
Sen. Lummis' post
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Lummis said in a press release that she is proud to reintroduce what she calls landmark legislation that will codify former President Trump's vision for establishing a United States Strategic Bitcoin Reserve. She emphasized that Bitcoin is not just a technological opportunity but also a national imperative for maintaining America's financial leadership in the 21st century.
The senator has been appointed by Senate Banking Committee Chair Tim Scott as the first chair of the Senate Banking Subcommittee on Digital Assets. This subcommittee will focus on advancing bipartisan digital asset legislation aimed at promoting innovation while protecting consumers. It will address issues such as market structure, stablecoins, and a strategic bitcoin reserve. Additionally, it will oversee federal financial regulators to ensure compliance with laws and prevent initiatives like Operation Chokepoint 2.0.
Lummis was sworn into the U.S. Senate on January 3, 2021, becoming Wyoming's first female senator. Prior to her current role, she served in the U.S. House of Representatives from 2008 to 2016 and was a founding member of the House Freedom Caucus.
