Senator Cynthia Lummis has declared the BITCOIN Act as the "only solution" to address the United States' $36 trillion debt, expressing gratitude to a "forward-thinking" president for supporting it.
"The BITCOIN Act is the only solution to our nation's $36T debt," said Sen. Cynthia Lummis. "I'm grateful for a forward-thinking president who not only recognizes this, but acts on it."
Lummis, representing Wyoming, 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 of Representatives. According to a press release by Lummis, the BITCOIN Act seeks to establish a strategic Bitcoin reserve aimed at strengthening the U.S. balance sheet and ensuring transparent management of federal Bitcoin holdings. The proposal includes creating secure Bitcoin vaults managed by the Treasury Department, 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 her pride in reintroducing what she describes as landmark legislation that will formalize President Trump's vision of establishing a United States Strategic Bitcoin Reserve. She emphasized that "Bitcoin is not simply a technological opportunity but a national imperative for America’s continued financial leadership in the 21st century." By transforming this executive action into law, Lummis believes it will enable the nation to leverage digital innovation to tackle national debt while maintaining competitiveness in the global economy.
According to Lummis's press release, she has been appointed by Senate Banking Committee Chair Tim Scott as the first chair of the Senate Banking Subcommittee on Digital Assets. This subcommittee in the 119th Congress will focus on advancing bipartisan digital asset legislation aimed at promoting innovation and protecting consumers. It will address areas such as market structure, stablecoins, and a strategic bitcoin reserve while overseeing 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. 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.
