Today at the Bitcoin Policy Institute’s “Bitcoin for America” summit in Washington DC, U.S. Senator from Wyoming Cynthia Lummis announced that she is going to reintroduce her strategic Bitcoin reserve legislation in the Senate today.
“I am so pleased to announce that today I will be reintroducing The Bitcoin Act,” Senator Lummis stated. “And I’ll be joined here shortly by Senator Justice of West Virginia, who is one of the cosponsors. And we have several other additional cosponsors. And a lot of it is a result of the excitement that’s been building.”
“So far cosponsors are [Tommy] Tubberville, [Marsha] Blackburn, [Roger] Marshall, [Bernie] Moreno, and [Jim] Justice,” Lummis continued. “We have a couple more feelers out for original cosponsors today but, the House as well through Nick Begich, has six original consponsors.”
Complimentary to Senator Lummis’ Bitcoin act in the Senate, U.S. Congressman Nick Begich announced he will also be introducing the Bitcoin reserve legislation in the House today.
“Today, I will be introducing the Bitcoin Act of 2025 in the United States House,” Congressman Begich said. “This is a bold and forward looking legislative initiative designed to ensure the United States secures its financial independence and maintains its leadership in the global digital economy.”
JUST IN:
US Congressman Nick Begich to introduce Strategic Bitcoin Reserve legislation in the House today to buy 1 million BTC.
The bill already has six co-sponsors
pic.twitter.com/5xJuJ25835
— Bitcoin Magazine (@BitcoinMagazine) March 11, 2025
“The momentum is in our hands and we need to make this happen. Thankfully, President Trump is with us and the opportunities are boundless,” Lummis concluded.
Just last week, President Donald Trump signed an executive order to create a federal strategic Bitcoin reserve. The reserve is to be made up of confiscated bitcoin by the federal government from hacks and seizures, creating an estimated reserve of about 200,000 BTC, pending an official audit. However, this reserve, as it stands, has the potential to be overturned by future presidential administrations. Legislation like the Bitcoin Act of 2025 would solve this potential issue as it would see the United States purchase 200,000 bitcoin per year until it has bought a total of 1,000,000 BTC — to be held for a minimum of 20 years.
$115 billion asset manager VanEck claims that this strategic bitcoin reserve “could help offset national debt”, stating that “if the U.S. government follows the BITCOIN Act’s proposed path – accumulating 1 million BTC by 2029 – our analysis suggests this reserve could offset around $21 trillion of national debt by 2049.”
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