A new Bitcoin law bill aims to establish a US cryptocurrency reserve.

Pro-crypto Wyoming Senator Cynthia Lammis unveiled her bitcoin bill on July 31, calling it “Our Louisiana Purchase Time.”

The proposed ‘Bitcoin Act' aims to add 1 million BTC, worth around $64 billion at current prices, to US government holdings over five years.

The law aims to establish a systematic Bitcoin reserve and other programs.

“To ensure transparent management of the federal government's Bitcoin holdings, to use some of the Federal Reserve System's resources, and to offset costs for other purposes.

The wait is over. This is our Louisiana Purchase season.

Read the article below for BITCOIN law ⬇️⬇️

— Senator Cynthia Lummis (@SenLummis) July 31, 2024

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Systematic Bitcoin Reserve

The bill is also known as “Enhancing Innovation, Technology, and Competitiveness at the Nationwide Level through Facilitated Investments by 2024.” The bill confirmed its asset selection, stating that Bitcoin has demonstrated resilience, widespread adoption, and media coverage. Exchange and more than ten years worth of storage.

Senator Lummis also said that “financial leadership” is needed in the digital age. The program aims to buy 200,000 BTC per year and will be done transparently to reduce market disruption. The Treasury Secretary may adjust the purchase schedule based on market conditions.

There will be a minimum holding period of 20 years for the acquired bitcoins, and after that time it cannot sell for more than 10% in any two years.

It plans a decentralized network of secure Bitcoin storage facilities across the United States using cold storage for holdings. The repositories are geographically dispersed to minimize the risk of concurrent compromise.

They also implement state-of-the-art physical and digital security measures in consultation with the Departments of Defense and Homeland Security.

Public cryptographically verified quarterly backup verification is reported, and independent third-party auditors are used to verify the accuracy of the reports.

Protection of rights

The bill also ensures that the government cannot confiscate or confiscate individuals' legally acquired bitcoin holdings and ensures the rights of individuals and businesses to legally purchase, hold, transfer or dispose of BTC.

The proposed legislation concluded that “the inclusion of bitcoin in the United States' national assets would enhance financial strength and position the United States at the forefront of global financial innovation.”

Senator Lummis first announced her plan for a systematic Bitcoin stockpile at the end of July.