WASHINGTON – Today, Senator Jim Justice joined Senator Cynthia Lummis at the Bitcoin for America Conference, and announced his support for her bill, the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) ACT in the Senate:
“I’m proud to join Senator Lummis on this common-sense bill to create a strategic Bitcoin reserve and codify President Trump’s executive order. This bill represents America’s continued leadership in financial innovation, bolsters both our economic security, and gives us an opportunity to wrangle in our soaring national debt. There is plenty more to learn for me when it comes to bitcoin and other cryptocurrencies, but as a businessman I know that this effort just makes sense.” said Senator Jim Justice.
“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 strengthening our nation’s economic foundation for generations to come. Bitcoin is not simply a technological opportunity, but a national imperative for America’s continued financial leadership in the 21st century. By transforming the president’s visionary executive action into enduring law, we can ensure that our nation will harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy. Together, we are not just adapting to the future – we are actively shaping it, writing the next chapter in America’s proud history of financial innovation and securing lasting prosperity for all our citizens.” said Senator Cynthia Lummis.
BACKGROUND:
The BITCOIN ACT is cosponsored by Senators Tommy Tuberville (R-AL), Roger Marshall (R-KS), Marsha Blackburn (R-TN), and Bernie Moreno (R-OH).
Rep. Nick Begich (R-AK) has introduced companion legislation in the U.S. House of Representatives.
The BITCOIN ACT establishes a strategic Bitcoin reserve to serve as an additional store of value to bolster America’s balance sheet and ensure the transparent management of Bitcoin holdings of the federal government. Specifically, the legislation would:
- Establish a decentralized network of secure Bitcoin vaults operated by the United States Department of Treasury with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s Bitcoin holdings.
- Implement a 1-million-unit Bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States.
- Be paid for by diversifying existing funds within the Federal Reserve System and Treasury Department.
- Affirm self-custody rights of private Bitcoin holders and emphasize that the strategic Bitcoin reserve shall not infringe upon individual financial freedoms.
For full bill text, click here.