Senator Lummis Drafts Bitcoin Act to Slash National Debt by Half!
The post Senator Lummis Drafts Bitcoin Act to Slash National Debt by Half! appeared on BitcoinEthereumNews.com.
To combat the rapidly growing national debt and establish America as a powerhouse for financial technology, U.S. Senator Cynthia Lummis has officially introduced in the United States Senate today its plans to inaugurate the Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide Act, commonly known as the “BITCOIN” Act, as an established law that designates digital assets free from Federal Taxes. In what it presumably believes is a historic act of innovative despotism, its new legislation entitles establishing a strategic Bitcoin reserve that will provide an extra jolt to the U.S. dollar. “Bitcoin is transforming not only our country but the world, and it is becoming the first developed nation to use Bitcoin as a savings technology, which secures our position as a global leader in financial innovation,” said Senator Lummis. The adoption of Bitcoin as a national currency promises far more for our Nation than the simple potential economic impact it provides us, “Bitcoin is changing not only this country but its effect on global financial innovation,” and becoming the first world company to BTC reserve status. This is our Louisiana Purchase moment” said Lummis, who wants to introduce a new fiscal frontier. “Our national debt reaches new and unprecedented heights; it is time for us to take bold steps to create a brighter future for generations to come by creating a strategic Bitcoin reserve,” commented Lummis while introducing the bill in Congress. What is The Bitcoin Act? The BITCOIN Act to options US balance sheet requires transparent Bitcoin impact under Fed control. The Act directs the Department of Treasury to maintain on its balance sheet an additional gold holding equal in value at the then prevailing market price (to be valued/gold audited annually), which size is to mirror that held by any individual issuer/holder on a pro-rata…
Filed under: News - @ August 1, 2024 9:08 am