Over 2,200 letters were sent to US senators in just 48 hours, asking them to back Senator Cynthia Lummis’s new Strategic Bitcoin Reserve bill.
Senator Lummis thanked everyone for their support in a post on X.
On August 3, Dennis Porter from the Satoshi Action Fund posted that Democratic senators got 1,333 letters, Republican senators received 850, and Independents got 41. This shows that interest in Bitcoin spans across different political parties and beliefs.
Senator Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act at the recent Bitcoin Conference in Nashville, Tennessee, and officially presented it to the Senate this week. She called the bill a “historic proposal to supercharge the U.S. dollar and pay down the national debt by establishing a strategic bitcoin reserve,” emphasizing Bitcoin’s transformative impact on both the country and the world. By becoming the first developed nation to adopt Bitcoin as a savings technology, Lummis believes the U.S. will solidify its position as a leader in financial innovation.
The BITCOIN Act aims to implement a “1-million-unit bitcoin purchase program over a set period of time to acquire approximately 5% of the total bitcoin supply, mirroring the scale of U.S. gold reserves,” according to Lummis. The plan will be financed by reallocating resources within the Federal Reserve and the Treasury Department, ensuring strong cybersecurity and physical security measures. Additionally, the act upholds the self-custody rights of private bitcoin holders, with Lummis assuring that individual financial freedoms will not be compromised by the reserve.
Editor: Lydicius
