U.S. Senator Cynthia Lummis Advocates for Bitcoin Strategic Reserve Act to Accumulate 1 Million Bitcoins

On January 8th, U.S. Senator Cynthia Lummis engaged in a crucial dialogue with Paul Atkins, the prospective head of the U.S. Securities and Exchange Commission (SEC), focusing on pivotal digital asset legislation and consumer protection mechanisms. Lummis humorously alluded to the prospect of reform, quipping about potentially placing the SEC on the “Atkins diet.” This symbolic gesture underscores an increasing urgency for regulatory clarity in the cryptocurrency sector.

In a prior development, Senator Lummis formally presented the Bitcoin Strategic Reserve Act on August 1, 2024. This legislation aims to establish a governmental reserve fund dedicated to Bitcoin, the leading decentralized digital currency. The act sets an ambitious target to accumulate 1 million bitcoins, equating to roughly 5% of the current supply, by leveraging existing funds from the U.S. Department of the Treasury, paralleling its gold reserves strategy.