#bitcoin act

➤ Senator Cynthia Lummis proposes the BITCOIN Act, urging the US Treasury to openly acquire 1 million Bitcoin over five years, viewing it as a strategic national asset akin to gold reserves. ➤ The legislation, modeled after the US gold reserves, mandates storing Bitcoin in secure, decentralized vaults and holding it for a minimum of 20 years, aiming to prevent market fluctuations and codify previous executive actions. ➤ This initiative, if passed, would significantly impact global markets by introducing a large, consistent buyer and a long-term government holder, raising discussions about decentralization and concentration risk.

➤ White House digital assets adviser Patrick Witt announced a 'breakthrough' in the legal compliance and asset custody structure for the U.S. Strategic Bitcoin Reserve (SBR). ➤ Witt highlighted the need for legislative action, specifically the BITCOIN and ARMA Acts, to address custody gaps, citing losses from the US Marshals as evidence. ➤ He emphasized the U.S.'s critical juncture in setting global crypto regulations to avoid following other nations' frameworks.