US Senator and Congressman Unveil Bold Bitcoin Reserve Legislation to Acquire One Million BTC
During the “Bitcoin for America” summit hosted by the Bitcoin Policy Institute in Washington, D.C., Senator Cynthia Lummis from Wyoming revealed her plans to reintroduce strategic legislation concerning Bitcoin reserves within the Senate today.
“I am thrilled to share that today I will be reintroducing The Bitcoin Act,” Senator Lummis expressed. “Joining me shortly will be Senator Justice from West Virginia, who is one of the bill’s cosponsors, along with several others who have shown great enthusiasm for this initiative.”
JUST IN: Senator Lummis is set to reintroduce The #Bitcoin Act aiming to purchase $1 million in BTC.
pic.twitter.com/NgF6ZXtqnq
— Bitcoin Magazine (@BitcoinMagazine) March 11, 2025
“Current cosponsors include [Tommy] Tubberville, [Marsha] Blackburn, [Roger] Marshall, [Bernie] Moreno, and [Jim] Justice,” Lummis added. “We are reaching out to a few others for more original cosponsors today, and in the House, Nick Begich has six original cosponsors as well.”
In parallel with Senator Lummis’ efforts in the Senate, U.S. Congressman Nick Begich has also announced plans to present Bitcoin reserve legislation in the House today.
“I will be introducing the Bitcoin Act of 2025 in the U.S. House today,” Congressman Begich stated. “This initiative stands as a bold step toward ensuring that the United States secures its financial sovereignty while preserving its position as a leader in the global digital economy.”
JUST IN: Congressman Nick Begich is set to introduce Strategic Bitcoin Reserve legislation in the House today to acquire 1 million BTC.
The bill has already secured six co-sponsors pic.twitter.com/5xJuJ25835
— Bitcoin Magazine (@BitcoinMagazine) March 11, 2025
“We have the momentum, and it’s vital that we act decisively. Fortunately, President Trump is supportive of our efforts, and the possibilities are endless,” Lummis remarked at the conclusion of her speech.
Just last week, President Donald Trump signed an executive agreement to establish a federal strategic Bitcoin reserve. This reserve will comprise bitcoins seized by federal authorities from hacks and confiscations, estimated to hold about 200,000 BTC, pending an official evaluation. However, the existence of this reserve could change with different presidential administrations, making legislation such as the Bitcoin Act of 2025 crucial, as it proposes the U.S. to acquire 200,000 bitcoins annually until reaching a goal of 1,000,000 BTC, planned to be held for at least 20 years.
The $115 billion asset management firm VanEck asserts that this strategic Bitcoin reserve “could serve as a remedy for national debt,” suggesting that “if the U.S. government adheres to the trajectory proposed by the Bitcoin Act — accumulating 1 million BTC by 2029 — our analysis indicates that this reserve could counterbalance approximately $21 trillion in national debt by 2049.”
This article U.S. Senator and Congressman Introduce Bills for Strategic Bitcoin Reserve Aiming to Acquire One Million BTC was initially published on Bitcoin Magazine and written by Nik.
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Filed under: News - @ March 11, 2025 8:08 pm