WASHINGTON – Today U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Cynthia Lummis (R-WY) in introducing the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN)Act in the U.S. Senate. 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. This legislation would codify President Trump’s Executive Order on cryptocurrency.
“Like President Trump, Bitcoin has shaken up the status quo in Washington D.C. and is completely revolutionizing the way Americans invest in their futures,” said Senator Tuberville. “Creating a Strategic Bitcoin Reserve is an important step in making sure the United States remains the strongest economy in the world. There’s no reason why we shouldn’t use Bitcoin to pay down our national debt. I am proud to join my colleagues in sponsoring this important bill, which will help President Trump usher in the Golden Age of America.”
“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,” said Senator Lummis. “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.”
Sens. Tuberville and Lummis were joined by Sens. Marsha Blackburn (R-TN), Jim Justice (R-WV), Roger Marshall (R-KS), and Bernie Moreno (R-OH) in introducing the legislation.
Congressman Nick Begich (R-AK) led the effort in the U.S. House of Representatives.
Read full text of the legislation here.
BACKGROUND:
Specifically, the legislation would:
- Establish a decentralized network of secure Bitcoin vaults operated by the United States Department of Treasure with statutory requirements ensuring the highest level of physical and cybersecurity for the nation’s Bitcoin holdings.
- Implement a one-million-unit Bitcoin purchase program over a set period of time to acquire a total sake 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.
MORE:
Tuberville Continues Push to Protect Retirement Savers’ Financial Freedom
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.
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