The Bitcoin bill, drafted by US Senator Lummis, allows states to hold bitcoins
According to a draft of The bill obtained by The Block, U.S. Sen. Cynthia Lummis, a Wyoming Republican, is pushing legislation called the BITCOIN Act of 2024 (full name: "Optimizing National Investment for Innovation, Technology, and Competitiveness Through 2024 ").
The main elements of the bill include:
- Establish a "Bitcoin Purchase Program ": purchase no more than 200,000 bitcoins per year for a total of 1 million bitcoins for five years.
- Require the U.S. Treasury Department to publish quarterly reports on its website.
- Allow states to voluntarily participate in storing bitcoins as part of their reserves, subject to specific security protocol requirements.
- Adjustments to gold certificates: Requires the Federal Reserve Banks to submit all outstanding gold certificates to the Secretary of the Treasury within six months of the act's effective date, and the Secretary of the Treasury will then issue new gold certificates to …