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S 4912 118th Congress Senate Finance and Financial Sector

BITCOIN Act of 2024

Introduced: July 31, 2024 Introduced by: Lummis, Cynthia M. Republican · Wyoming See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Jul 31, 2024
Introduced in Senate
 Plain-English summary Congressional Research Service

Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 or the BITCOIN Act of 2024

This bill provides for the acquisition and storage of the cryptocurrency Bitcoin by the U.S. government.

The Department of the Treasury must purchase one million Bitcoins over a five-year period and hold the Bitcoins in trust for the United States. All Bitcoins acquired under this bill must be held for at least 20 years unless used to retire outstanding federal debt.

The bill directs Treasury to establish a Strategic Bitcoin Reserve for the secure storage of U.S. Bitcoins. The reserve must be a decentralized network of secure facilities across the United States. Existing U.S. Bitcoin holdings must be transferred to the reserve. States may voluntarily store Bitcoin holdings in the reserve in segregated accounts.

The bill also reduces the total amount of U.S. dollars Federal Reserve banks may hold in surplus and requires Federal Reserve banks to remit a certain amount of net earnings annually to the purchase of Bitcoins.

What's happening now July 31, 2024

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1