Senator Cynthia Lummis has introduced a new bill, the "Bitcoin Act of 2024", in Congress aimed at protecting and integrating Bitcoin into the US economy.
Key Provisions of the Bill
Bill S4912 enhances crypto protection by prohibiting the federal government from seizing Bitcoins from citizens and institutions, reinforcing property rights over digital assets.
Strategic Bitcoin Reserve
A proposal to establish a strategic Bitcoin reserve, acquiring 200,000 Bitcoins annually over five years, totaling 1,000,000 Bitcoins, valued at $87 billion at current prices.
Shift in Crypto Regulation
Following several major crypto crime convictions, the Manhattan Attorney's Office has scaled back its focus on crypto-related offenses, coinciding with Jay Clayton's appointment as U.S. Attorney for the Southern District of New York.
The introduction of the "Bitcoin Act of 2024" and current regulatory shifts mark a pivotal point in the US policy on integrating cryptocurrencies into the economy.
