mariusaab on Nostr: Heard about Senator Lummis's "#Bitcoin Act of 2024"? The one proposing US 🇺🇸 ...
Heard about Senator Lummis's "#Bitcoin Act of 2024"?
The one proposing US 🇺🇸 governement to create a strategic reserve of 1,000,000 BTC?
Here is what you have to know about it 👇
On the same day as Trump's speech at thebitcoinconf (npub1rwh…7avv), Cynthia Lummis introduced a strategic Bitcoin reserve legislation.
The goal is simple 🎯 buying 1 million BTC to pay down the national debt, wich is over 35 trillion dollars 💸
Senator Lummis officially published the bill, here are some highlights 👇
FINDINGS
The bill starts by highlighting Bitcoin's utility, resilience, role as a medium of exchange 💱 and its potential to benefit the US economy 🇺🇸
It says that, like gold 🪙, Bitcoin is seen as an asset that can strengthen the US financial position 📈
ESTABLISHMENT OF STRATEGIC BITCOIN RESERVE
The bill proposes to create a decentralized network of BTC storage 🔐 among various states of the country to ensure the long-term custody and management of private keys 🗝️ held by the government
BITCOIN PURCHASE PROGRAM
The proposed law 🧑⚖️ requires The Secretary of the Treasury to:
1⃣ Buy at least 200,000 Bitcoins per year for 5 years, totaling 1 million BTC;
2⃣ Make these purchases transparently with a strategy to minimize the impact on Bitcoin's price;
3⃣ Hold these Bitcoins for at least 20 years to ensure long-term stability and security;
4⃣ Not sell, exchange, auction, or otherwise dispose of the funds for any purpose other than repaying federal debt;
5⃣ Never sell more than 10% of the reserves over a 2-year period.
PROOF OF RESERVE SYSTEM
Additionnally, the Secretary of the Treasury must :
- Publish annual public reports for at least 20 years;
- Provide quarterly proof of reserves 🧾
OFFSETTING THE COST OF THE STRATEGIC 5 BITCOIN RESERVE
Lummis' law requires that between 2025 and 2029, the first $6 billion of net profits remitted by FED banks 🏦 to the Treasury will be used to fund the Bitcoin purchase program.
PROTECTION OF PRIVATE PROPERTY RIGHTS
The legislation concludes by defending private proprety rights 🕊️
"Nothing in this Act shall be construed to authorize the Federal Government to seize, confiscate, or otherwise impair any property right in the lawfully acquired Bitcoin holdings of any person; or infringe upon the rights of individuals, businesses, or organizations to purchase, hold, transfer, or dispose of Bitcoin in accordance with the law"
And what I feel is the most important 👇
“AFFIRMATION OF RIGHTS. This Act affirms and protects the rights of persons to maintain full lawful control over the Bitcoin and other digital assets of those indi-viduals, recognizing that the ability to maintain self-cus-tody of private keys is fundamental to the principles of financial sovereignty, privacy, and personal liberty in the digital age.”
Sources:
🇫🇷 https://cryptoast.fr/1-million-bitcoins-caisses-etats-unis-tout-savoir-projet-loi/
🇬🇧 https://www.lummis.senate.gov/press-releases/lummis-introduces-strategic-bitcoin-reserve-legislation/
The one proposing US 🇺🇸 governement to create a strategic reserve of 1,000,000 BTC?
Here is what you have to know about it 👇
On the same day as Trump's speech at thebitcoinconf (npub1rwh…7avv), Cynthia Lummis introduced a strategic Bitcoin reserve legislation.
The goal is simple 🎯 buying 1 million BTC to pay down the national debt, wich is over 35 trillion dollars 💸
Senator Lummis officially published the bill, here are some highlights 👇
FINDINGS
The bill starts by highlighting Bitcoin's utility, resilience, role as a medium of exchange 💱 and its potential to benefit the US economy 🇺🇸
It says that, like gold 🪙, Bitcoin is seen as an asset that can strengthen the US financial position 📈
ESTABLISHMENT OF STRATEGIC BITCOIN RESERVE
The bill proposes to create a decentralized network of BTC storage 🔐 among various states of the country to ensure the long-term custody and management of private keys 🗝️ held by the government
BITCOIN PURCHASE PROGRAM
The proposed law 🧑⚖️ requires The Secretary of the Treasury to:
1⃣ Buy at least 200,000 Bitcoins per year for 5 years, totaling 1 million BTC;
2⃣ Make these purchases transparently with a strategy to minimize the impact on Bitcoin's price;
3⃣ Hold these Bitcoins for at least 20 years to ensure long-term stability and security;
4⃣ Not sell, exchange, auction, or otherwise dispose of the funds for any purpose other than repaying federal debt;
5⃣ Never sell more than 10% of the reserves over a 2-year period.
PROOF OF RESERVE SYSTEM
Additionnally, the Secretary of the Treasury must :
- Publish annual public reports for at least 20 years;
- Provide quarterly proof of reserves 🧾
OFFSETTING THE COST OF THE STRATEGIC 5 BITCOIN RESERVE
Lummis' law requires that between 2025 and 2029, the first $6 billion of net profits remitted by FED banks 🏦 to the Treasury will be used to fund the Bitcoin purchase program.
PROTECTION OF PRIVATE PROPERTY RIGHTS
The legislation concludes by defending private proprety rights 🕊️
"Nothing in this Act shall be construed to authorize the Federal Government to seize, confiscate, or otherwise impair any property right in the lawfully acquired Bitcoin holdings of any person; or infringe upon the rights of individuals, businesses, or organizations to purchase, hold, transfer, or dispose of Bitcoin in accordance with the law"
And what I feel is the most important 👇
“AFFIRMATION OF RIGHTS. This Act affirms and protects the rights of persons to maintain full lawful control over the Bitcoin and other digital assets of those indi-viduals, recognizing that the ability to maintain self-cus-tody of private keys is fundamental to the principles of financial sovereignty, privacy, and personal liberty in the digital age.”
Sources:
🇫🇷 https://cryptoast.fr/1-million-bitcoins-caisses-etats-unis-tout-savoir-projet-loi/
🇬🇧 https://www.lummis.senate.gov/press-releases/lummis-introduces-strategic-bitcoin-reserve-legislation/