Senator Cynthia Lummis has submitted the “Bitcoin Act of 2024” to Congress to bolster the US finances amidst growing national debt concerns.The bill, known as US Bill S4912, carries several key provisions aimed at enhancing the security and rights of individual and institutional Bitcoin holders.It categorically prohibits the federal government from seizing Bitcoin from any person, reinforcing the commitment to protect digital assets under US law.
Breaking: US Bill S4912 prohibits the Federal government from siezing crypto from ANY PERSON.
(a) Rules of construction.—Nothing in this Act shall be construed to—
(1) authorize the Federal Government to seize, confiscate, or otherwise impair any property right in the lawfully… pic.twitter.com/RqU6t8eJ5f
— MartyParty (@martypartymusic) November 15, 2024
This legislative effort emphasized on a broader move towards integrating digital currencies within federal economic strategies, potentially setting a global benchmark for how governments interact with the burgeoning crypto economy.Bitcoin Reserve and How US citizens Are Pushing For ItThe bill proposes establishing a strategic Bitcoin Reserve that would see the U.S. Government acquire a substantial amount of Bitcoin over the next five years.Specifically, the bill outlines a plan for the government to purchase 200,000 Bitcoin annually, culminating in a total of 1,000,000 Bitcoin.At today’s market prices, this amount translates to an impressive $87 billion, signaling a significant investment into the cryptocurrency by the federal government.
🔸Senator Lummis has put forward a bill for the U.S. Govt to buy 200,000 #Bitcoin per year over 5 years for a total of 1,000,000 $BTC
At today’s price that would be worth $87 BILLION pic.twitter.com/3355Td0IDj
— Bitcoin Archive (@BTC_Archive) November 11, 2024
There’s a growing grassroots movement among US citizens advocating for the government to adopt Bitcoin more formally into its monetary policy framework.This public drive was evidenced by the over 120,000 letters that have been sent to state lawmakers urging them to support the “Strategic Bitcoin Reserve” initiative.The enthusiasm spans the political spectrum, with approximately 62,300 letters sent to Democrats and over 60,500 to Republicans, showcasing widespread bipartisan support for this innovative fiscal strategy.
Over 120,000 letters have been sent to state lawmakers asking them to endorse a ‘Strategic Bitcoin Reserve’ bill.
Over 62,300 letters have been sent to Democrats & over 60,500 letters sent to Republicans.
KEEP PUSHING! BTC IS WINNING!
WRITE LETTER: https://t.co/ObIQBAlOAq pic.twitter.com/FpxdhijgCg
— Dennis Porter (@Dennis_Porter_) November 15, 2024
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The push for a Bitcoin Reserve underscores a larger narrative surrounding Bitcoin’s potential to serve as a hedge against inflation and a stabilizer in times of economic uncertainty.Advocates argue that integrating Bitcoin into the national reserves would not only safeguard the country’s economic future but also cement its position as a leader in the digital finance era.Shift in crypto cases enforcementFollowing a series of high-profile cryptocurrency crime convictions, including that of FTX founder Sam Bankman-Fried, the U.S. Attorney’s Office in Manhattan scaled back its focus on crypto-related offenses. This development was confirmed on Friday by a senior prosecutor.The shift in enforcement strategy coincides with the recent appointment of former SEC Chairman Jay Clayton as the U.S. Attorney for the Southern District of New York, announced by President Donald Trump.The change in resource allocation reflects the success the office has had in prosecuting major cases within the cryptocurrency sector.
The U.S. Attorney’s Office in Manhattan will devote fewer resources to policing cryptocurrency crimes after securing several major convictions, including that of FTX founder Sam Bankman-Fried, a senior prosecutor said on Friday. The comments came a day after Donald Trump…
— Wu Blockchain (@WuBlockchain) November 15, 2024
However, this move has raised questions about the future intensity of federal oversight in the rapidly evolving crypto market. The crypto community was closely monitoring legislative developments.When Senator Cynthia Lummis’s introduced the “Bitcoin Act of 2024” to Congress, a bill aimed at further integrating cryptocurrencies into the U.S. financial system.This bill and the changing regulatory environment signify a pivotal moment for cryptocurrency regulation and enforcement in the United States.
