It is also possible to read the news story on BH NEWS: Senator Lummis Supports New Bitcoin Legislation

Senator Cynthia Lummis, who leads the Senate Banking Subcommittee on Digital Assets She has revealed an innovative plan for the establishment of a large Bitcoin reserves for the United States. This proposal is intended to improve the country’s economic stability and increase its standing in the international financial arena.

What is the Bitcoin Reserve Act?

A proposal for the Bitcoin Reserve Act outlines plans to build fortified vaults storage of Bitcoin and which will be overseen by the U.S. Department of the Treasury. This safe approach is intended to secure the digital assets stored in cold storage that will eventually help to protect the integrity of financial transactions in America. United States.

How Will This Affect the Economy?

The project is expected to acquire a total of one million BTC over the course of five years with an annual goal of around 200,000 BTC. Lummis explains that these assets are untouchable for a minimum of two decades, and aims to focus on long-term security for financial assets.

The key elements of the proposal are:

• Creation of a U.S. Strategic Bitcoin Reserve.
• One million BTC in five years.
• Financing through surplus revenues via Federal Reserve. Federal Reserve.
• Long-term holding strategy that prevents the sale of 20 years.

Although the plan may be ambitious, the plan will face issues in gaining acceptance in the current legislative climate. Lummis is committed to her vision, but its immediate impact on the legislation is not yet clear.