Senator Cynthia Lummis has expressed her support for the reintroduction of the BITCOIN Act, describing it as a step toward securing America's financial future. Lummis made this statement in a March 11 post on X.
"Proud to re-introduce the BITCOIN Act. Let's secure America's financial future," said Lummis.
Lummis, representing Wyoming, reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the Senate. The legislation 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. According to a press release by Lummis, the BITCOIN Act aims to create a strategic Bitcoin reserve to strengthen the U.S. balance sheet and ensure transparent management of federal Bitcoin holdings. The act proposes 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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According to Lummis's press release: "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." She further said that "Bitcoin is not simply a technological opportunity but a national imperative for America’s continued financial leadership in the 21st century."
Bitcoin operates as a decentralized digital currency independent of central banks or governmental control. Trust Machines reports that its decentralized network makes it highly resistant to attacks since no single entity controls the blockchain. It uses cryptographic methods such as asymmetric encryption to protect transactions and ensure user privacy. Transactions are immutable once recorded, ensuring integrity and transparency within the blockchain. Additionally, Layer 2 protocols like the Lightning Network enhance scalability without compromising security.
Lummis was sworn into the U.S. Senate on January 3, 2021, as Wyoming's first female Senator. She previously served in the U.S. House of Representatives from 2008 to 2016 where she was a founding member of the House Freedom Caucus and worked on fiscal issues and Western policies.
