At the July Bitcoin meeting, Senator Cynthia Lummis, who is known for being open to cryptocurrencies, said she was going to introduce a bill that would make Bitcoin a strategic reserve asset for the US government.
Five days after Lummis’s release, a lot of progress has been made on what could be a groundbreaking law for the use and adoption of cryptocurrencies in the US.
According to data from the US Congress, Lummis, who is from Wyoming, officially presented the bill on July 31. This bill suggests making a “Strategic Bitcoin Reserve” program. This program would require the US Treasury to buy one million Bitcoins, worth about $60 billion, over the next five years.
At the Bitcoin Conference in Nashville, the Democratic senator said that this plan was like the US Strategic Petroleum Reserve. He stressed that an immense amount of Bitcoin could make the US dollar more valuable. She also said that these assets could be very important in lowering the national debt, which is currently in excess of $35 trillion.
Senate Reviews Bitcoin Proposal
In the last three days, people in the US have sent 2,200 letters to senators asking them to back Lummis’s “Strategic Bitcoin Reserve Bill.” This is a major show of support from the people. There were 1,333 letters sent to Democratic lawmakers, 850 letters sent to Republicans, and 41 letters sent to Independents.
The bill that Lummis wrote has been sent to the Senate Committee on Banking, Housing, and Urban Affairs as of today. The suggested law will be carefully looked over by this committee, which will also talk to experts in the field.
If the committee agrees with the plan, it will go back to the Senate floor to be discussed and changed before it is voted on. After that, the bill would have to be approved by the US House of Representatives before it could be sent to the President.
This morning, CoinMarketCap reported that the total value of all cryptocurrencies in circulation dropped by 0.84%, bringing the total market value to about $2.15 trillion. Several economic and market factors have made people want to sell digital assets in significant amounts over the last week. Bitcoin in particular dropped 11% during this time.
Even though the market has been going up and down recently, the crypto business is still an important issue in US politics. In addition to Lummis’s ambitious “Strategic Bitcoin Reserve Bill,” Republican presidential candidate Donald Trump’s public support for the digital asset sector could lead to a policy debate.
This could force other candidates, like Kamala Harris, the Democratic nominee, to work with the growing business, which is made up of 20% of US voters.
