New Bitcoin Bill by Senator Lummis Proposes Stricter Annual Purchases and Gold Revaluation for BTC

On March 13th, COINOTAG News reported that Senator Cynthia Lummis has reintroduced her pivotal Bitcoin bill to the Senate, with notable adjustments aimed at enhancing the regulatory framework for digital assets. According to Bitcoin Laws, this latest iteration mandates the acquisition of 200,000 bitcoins annually over a five-year period, which represents a shift from the more vague “up to” 200,000 bitcoins stated in the previous year’s proposal.

Additionally, the revised bill enforces stricter holding requirements and eliminates the previous exceptions related to the repayment of federal debt instruments. A significant new element is the provision for coordinating Bitcoin purchases through the Exchange Stabilization Fund (ESF), a U.S. Treasury reserve fund currently holding around $39 billion in assets, indicating a more structured approach to using government resources for Bitcoin acquisition.

Moreover, the bill mandates that the proceeds from revaluing federal reserve gold be explicitly allocated to Bitcoin purchases, contrasting with the earlier bill, which merely directed these funds into the general fund. This strategic alignment underscores the increasing recognition of Bitcoin’s potential role in the U.S. financial system.