U.S. Senator Tommy Tuberville is joining a host of lawmakers across the nation to introduce the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act” — also known as the BITCOIN Act — in the U.S. Senate.
The goal of the legislation is to establish a Strategic Bitcoin Reserve to serve as an additional store of value to bolster America’s balance sheet for the ever booming cryptocurrency which has soared to new heights since the election of President Donald Trump.
The bitcoin market cooled off from its heights of over $100,000 per coin recently, but Trump’s embrace of crypto on a policymaking level is leading innovation across all levels of government. Tuberville said Trump’s executive actions deserve to be permanently enshrined into law.
“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,” Sen. Tuberville said.
“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.”
RELATED: President Trump will designate cryptocurrency as national priority, according to Bloomberg report
In terms of what the legislation actually promises to do, establishing 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 is at the top of the list.
It would also 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, similar to the share of gold the United States holds.
Perhaps most importantly however, the bill would shore up many’s most important factor in buying Bitcoin and affirm self-custody rights of private holders and emphasize that the strategic Bitcoin reserve shall not infringe upon individual financial freedoms.
The bill’s primary sponsor is U.S. Senator Cynthia Lummis (R-WY). Tuberville and Lummis are joined by Sens. Marsha Blackburn (R-TN), Jim Justice (R-WV), Roger Marshall (R-KS), and Bernie Moreno (R-OH) in introducing the bill.
