Breaking News: Bitcoin Breakthrough
Senator Lummis announced Trump's alleged backing of a bill mandating the US government to acquire a million Bitcoins.
In a surprising turn of events, Senator Cynthia Lummis proposes a groundbreaking bill called the BITCOIN Act to establish a US strategic Bitcoin (BTC) reserve, with the government potentially owning a hefty 5% of BTC's supply. While President Donald Trump seems to support this initiative, it faces opposition from Senator Sherrod Brown, which has blocked the bill so far.
Senator Lummis introduced this innovative legislation on July 31, 2024, but it has yet to progress. Given recent challenges in passing major cryptocurrency bills, the BITCOIN Act faces an uphill battle, with both bipartisan legislation and individual bills facing significant obstacles.
With digital assets like Bitcoin shaping the financial landscape, the US government's potential embrace of this top crypto asset could signal a significant shift in its approach to digital currencies. As part of this movement, Lummis believes the BITCOIN Act will ensure America's position as a global leader in financial innovation and help the everyday American gain control over their finances.
While the BITCOIN Act has not yet been passed, stay tuned for updates as this audacious attempt to revolutionize the financial sector evolves. For the latest insights on Bitcoin, altcoins, Ethereum, and other digital assets, make sure to follow us on Telegram, Facebook, and subscribe to our newsletters.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Disclaimer: The BITCOIN Act, although proposed, has not yet been passed, and the US government has not initiated any purchase of bitcoin as of writing. While President Donald Trump supports the idea, opposition from Senator Sherrod Brown has blocked the bill's progress so far, with cryptocurrency regulatory bills facing significant procedural setbacks due to partisan disagreements.
- The BITCOIN Act, proposed by Senator Cynthia Lummis, aims to establish a US strategic Bitcoin reserve, potentially owning up to 5% of BTC's supply.
- The bill faces opposition from Senator Sherrod Brown, causing a standstill in its progression, given the challenges in passing major cryptocurrency bills.
- If passed, the BITCOIN Act could mark a significant shift in the US government's approach to digital currencies, particularly Bitcoin.
- The bill is seen as a movement to position America as a global leader in financial innovation and empower everyday Americans with financial control.
- Stay updated on the latest news about Bitcoin, Ethereum, altcoins, and other digital assets by following us on Telegram, Facebook, and subscribing to our newsletters.
- It's essential to exercise caution when investing in Bitcoin, cryptocurrency, or digital assets, as losses could potentially be your responsibility, and The Daily Hodl does not recommend buying or selling digital assets.
