US Senator Lummis drafts Bitcoin bill to allow US states to hold Bitcoin

According to a draft bill obtained by The Block, Republican Senator Cynthia Lummis of Wyoming is promoting a legislation called the "BITCOIN Act of 2024" (full name: "Promoting Innovation, Technology and Competitiveness through Optimizing National Investment Act of 2024"). The main contents of the bill include: -Establish a "Bitcoin Purchase Program": Purchase no more than 200,000 bitcoins per year for 5 years, totaling 1 million. -Require the U.S. Treasury to publish quarterly reports on its website. -Allow states to voluntarily participate in storing bitcoin as part of the reserve, subject to specific security protocol requirements. -Adjustments to gold certificates: Require the Federal Reserve Bank to submit all outstanding gold certificates to the Secretary of the Treasury within 6 months after the bill takes effect, and the Secretary of the Treasury will then issue new gold certificates to the Federal Reserve Bank within 90 days. “Establishing a strategic Bitcoin reserve to augment the U.S. dollar with a digital hard asset will ensure our nation maintains global financial leadership for decades to come,” Senator Lummis said in a July 27 statement. Lummis said the bill is unlikely to be signed into law this year but could be considered after the November election.