TechFlow news — according to a draft bill obtained by The Block, Republican Senator Cynthia Lummis of Wyoming is advancing legislation known as the "BITCOIN Act of 2024" (officially titled the "Bring Innovation, Technology, and Competitiveness to Our Nation Act of 2024").
The key provisions of the bill include:
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Establishing a "Bitcoin Purchase Program": purchasing up to 200,000 bitcoins annually over five years, totaling one million bitcoins.
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Requiring the U.S. Department of the Treasury to publish quarterly reports on its website.
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Allowing states to voluntarily participate in holding bitcoin as part of their reserves, provided they comply with specific security protocol requirements.
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Amending gold certificates: requiring Federal Reserve Banks to submit all outstanding gold certificates to the Secretary of the Treasury within six months of the bill's enactment, after which the Secretary would issue new gold certificates to the Federal Reserve Banks within 90 days.
In a statement on July 27, Senator Lummis said: "Establishing a strategic bitcoin reserve and strengthening the dollar with digital hard assets will ensure our nation maintains global financial leadership for decades to come." Lummis noted that the bill is unlikely to become law this year but may be considered after the November elections.
