Speaking at the “Bitcoin for America” summit, lawmakers announced their plans to create a federal bitcoin reserve that would see the U.S. buy one million BTC.
Senator Cynthia Lummis announced legislation directing the U.S. government to acquire 1 million Bitcoin worth over $68 billion. Lummis said purchasing Bitcoin as a strategic reserve would stabilize the dollar and counter inflation.
Senators Cynthia Lummis and Kirsten Gillibrand will introduce the Responsible Financial Innovation Act for regulatory clarity for bitcoin and cryptocurrencies.