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Sen. Lummis’ Bitcoin Reserve Bill Heads to Senate Banking Committee for Review

AuthorSyed Ali Haider
Crypto News Author
Fact Checked by Wajeeh Khan
Last updated: August 04, 2024
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Sen. Lummis' Bitcoin Reserve Bill Heads to Senate Banking Committee for Review

Highlights:

  • Senator Lummis’ Bitcoin Reserve Bill has gained momentum and is now under Senate Banking Committee review.
  • Riot VP Pierre Rochard suggests a Bitcoin reserve to help the US repay its debt.
  • Over 2,200 co-sponsor requests highlight bipartisan support and public enthusiasm for the bill.

The US Bitcoin Reserve Bill is progressing, according to its sponsor, Senator Cynthia Lummis. On August 3, the pro-crypto senator announced that the bill had been referred to the Senate Banking Committee for review. The Bitcoin Reserve Bill gained attention after Lummis officially published it in July. With increasing bipartisan support, its referral to the Senate Banking Committee boosts its chances of becoming law.

Bitcoin Reserve Bill Receives 2200 Co-Sponsor Requests

The proposal swiftly gained support, with over 2,200 letters urging US Senators to co-sponsor the bill within 48 hours of its announcement. Senator Lummis expressed her gratitude on social media platform X, thanking everyone who sent a letter and highlighting the enthusiasm and civic engagement around this issue.

Dennis Porter, founder of Satoshi Action Fund, noted that 1,333 letters were sent to Democrats, 850 to Republicans, and 41 to Independents. This bipartisan backing highlights the increasing interest in Bitcoin among diverse political groups.

Riot Exec Reveals How BTC Strategic Reserve Can Benefit US Economy

In a recent post on the X platform, Pierre Rochard, VP of Research at Bitcoin miner Riot Platforms, explained how the Bitcoin Reserve plan could help repay the United States’ national debt. He outlined a three-step plan for the United States to manage its debt. Rochard advised purchasing a strategic Bitcoin Reserve, holding it for 20 years, and then using it to pay off the national debt.

This post by the Riot executive has sparked discussions in the broader cryptocurrency market, particularly amid rising concerns about the US economy potentially heading into a recession. He emphasized that this approach could provide a better resolution to the nation’s economic challenges. However, one user expressed concerns about how much the US national debt could grow in 20 years. Rochard responded that Bitcoin would surpass that level in the long run, showing his strong confidence in the cryptocurrency.

Bitcoin Takes Center Stage in US Elections

The US is at a critical turning point. Many politicians, including Donald Trump and Kamala Harris, are aiming to do right by the crypto industry. The pressure to gain favor with the crypto community could drive this bill to be signed into law.

On July 31, Lummis introduced the BTC Strategic Reserve bill in the Senate. The bill suggests that the US government set up a Bitcoin reserve account to manage national debt and enhance economic stability. It also calls for a network of secure Bitcoin vaults managed by the US Treasury to ensure top-level security for the nation’s BTC holdings.

Moreover, in a recent interview, Trump said Bitcoin and cryptocurrencies could help reduce the national debt. As of July 31, the debt has reached an all-time high of $35 trillion. This remark has garnered significant attention from investors. The 2024 presidential election trajectory suggests that Lummis’ Strategic Bitcoin Reserve Bill could pass within a few months.

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