Sen. Cynthia Lumith (R-WYO.) reintroduced the law on Tuesday to create a Bitcoin Strategic Reserve, and last week attempted to codify President Trump's executive order establishing a reserve.
The bill, first introduced by Lummis last year, directs the government to purchase 1 million bitcoin over five years, and transfers it to a “decentralized network” of storage facilities.
According to a press release, funds for Bitcoin purchases come from the “diversification of existing funds” in the Federal Reserve.
The first $6 billion remittance from the reserve bank will be set aside annually between 2025 and 2029 to build the reserve. It also depends on the Fed's gold certificate.
“Bitcoin is not just a technology opportunity, but a national order for America's continued financial leadership in the 21st century,” Ramis said in a statement.
“By turning the President's visionary enforcement actions into lasting laws, we can enable our country to make the most of the possibilities of digital innovation to address national debt while still maintaining competitiveness in the global economy,” she continued.
Ramis laws co-hosted by Republicans Jim Justice (W.Va.), Tommy Tuberville (Alabama), Roger Marshall (Kansas), Marsha Blackburn (Tennessee) and Bernie Moreno (Ohio) are slightly different from President Trump's proposal.
Trump's executive order is seeking to establish reserves based on Bitcoin seized by federal law enforcement. It creates individual digital asset stockpiles consisting of non-Bitcoin digital assets similarly confiscated in criminal or civil lawsuits.
Trump's artificial intelligence and crypto emperor David Sachs emphasizes that the plan “does not pay taxpayers.”
“The government will not acquire additional assets in the stockpile beyond what is obtained through the forfeiture procedure,” Sachs writes about X.
However, the order also directs the Ministry of Finance and Commerce to “develop budget-neutral strategies to acquire additional Bitcoin.”
Trump's push for crypto strategic reserves was met with mixed reactions from the industry last week.
Many people cheered on the move, but some claimed that Bitcoin is the only token that fits the spare. This is a concern that the administration would seek to soften its administration by separating Bitcoin Reserves from its digital assets stockpile.
