Sen. Lummis reintroduces bill to create Trump's planned strategic bitcoin reserve

Sen. Cynthia Lummis, a major proponent of bitcoin, reintroduced her bill to create a strategic bitcoin reserve, taking a legislative path towards President Trump's plan for such a reserve. 

Lummis' bill reintroduction, last  proposed in July 2024, would create the reserve to help "bolster America's balance sheet," according to a statement released on Tuesday. The bill, called the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act," or BITCOIN Act, has a few minor changes from the prior vision, a spokesperson for Lummis said. 

This comes days after President Donald Trump signed an executive order to create a strategic bitcoin reserve and digital asset stockpile. 

"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," the Wyoming Republican said in a statement on Tuesday posted to X. 

The creation of a strategic bitcoin reserve has garnered considerable attention over the past few weeks, with some calling it a " huge moment " and others criticising Trump's bitcoin reserve plan for  lacking clear details. Bitcoin's value has been volatile over the past few days, dipping as low as $77,000, according to The Block's price page. 

Lummis' bill would create a "decentralized network of secure Bitcoin vaults" operated by the U.S. Treasury Department with set requirements. It would also create a "1-million-unit Bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of the total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States."

According to the statement, the reserve would be paid for by diversifying funds that exist with the Federal Reserve and Treasury Department.

Republican senators Jim Justice, Tommy Tuberville, Roger Marshall, Marsha Blackburn and Bernie Moreno are cosponsors of the bill. Republican Rep. Nick Begich has introduced a companion bill in the U.S. House of Representatives, according to the statement. 

"Creating a Strategic Bitcoin Reserve is an important step in making sure the United States remains the strongest economy in the world," Tuberville said. "There’s no reason why we shouldn’t use Bitcoin to pay down our national debt."