Senator Lummis Files ‘Bitcoin Act of 2024’ as Bitcoin nears $100,000 Milestone: Will the Act Push Bitcoin Further?
Key Provisions of the Bitcoin Act of 2024
Introduced in July 2024, the Bitcoin Act of 2024, officially known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024, aims to solidify the U.S. dollar and position the U.S. as a global leader in digital finance. A central feature of the bill is the establishment of a Strategic Bitcoin Reserve. Managed by the U.S. Treasury, this reserve would hold Bitcoin securely in decentralized locations and include provisions for managing Bitcoin forks and airdrops, with a retention period of five years.
Additionally, the bill proposes a Bitcoin Purchase Program to acquire up to 1 million Bitcoins over five years, which would be held for a minimum of 20 years. The plan also ensures transparency through proof-of-reserve audits, while allowing states to store Bitcoin in segregated accounts to give them more control over their holdings.
