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Digital Chamber Appeals to Senators for Endorsement of Cynthia Lummis’ Bitcoin Act of 2024 in Recent Correspondence
The Digital Chamber, a cryptocurrency advocacy organization, is calling on U.S. officials to endorse the Cynthia Lummis-Sponsored Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act Of 2024, as disclosed in a Thursday post on X from the trade group.
As stated by the Digital Chamber, the digital asset advocacy organization spent Thursday delivering a letter in person to each U.S. senator to motivate them to support the BITCOIN Act of 2024.
The Digital Chamber Encourages U.S. Senators To Back BITCOIN Act Of 2024
Introduced by Lummis this week, the pro-crypto legislation aims to create a reserve of Bitcoin as a strategic asset for the U.S. government through “a decentralized network of secure Bitcoin vaults managed by the United States Department of Treasury.”
Today, we’re hand-delivering this letter
to every U.S. Senator urging them to support the BITCOIN Act of 2024. #Bitcoin is our future, and this bill ensures the U.S. leads in global economic innovation.
Thank you @SenLummis for your consistent leadership! pic.twitter.com/5LPiKFkEWk
— The Digital Chamber (@DigitalChamber) August 1, 2024
In addition to offering an alternative “store of value to enhance America’s balance sheet and guarantee the transparent management of the federal government’s Bitcoin assets,” the BITCOIN Act of 2024 would initiate a one-million-unit Bitcoin acquisition program over five years, aiming to procure “approximately 5% of the total Bitcoin supply.”
The Digital Chamber asserts that this supply would effectively “mirror the size and scope of gold reserves held by the United States.”
“Supporting this bill aligns with our national interest, demonstrates fiscal responsibility, and showcases our commitment to embracing technological advancements that can alleviate the economic burdens of past financial missteps,” the letter indicates.
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Cynthia Lummis Compares Crypto Moment To Louisiana Purchase
Lummis initially unveiled the bill at the Bitcoin 2024 Conference in Nashville last week, shortly after Republican U.S. presidential nominee Donald Trump addressed the audience.
“Bitcoin is transforming not only our country but the world, and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation,” Lummis remarked. “This is our Louisiana Purchase moment to help us reach the next financial frontier.”
Trump, for his part, expressed similar views during his speech at the crypto-focused conference, asserting he would “establish a national Bitcoin stockpile” while creating a regulatory framework favorable to digital assets.
“We will have regulations, but from now on, the rules will be written by people who love your industry, not hate your industry,” the former reality television star told the audience.
While Lummis has consistently supported Bitcoin, she reportedly does not expect the bill to gain momentum until after the U.S. presidential election concludes.
It remains uncertain whether crypto-friendly Trump or presumptive Democratic nominee Kamala Harris will occupy the Oval Office, however.
The post Digital Chamber Urges Senators To Support Cynthia Lummis-Sponsored Bitcoin Act Of 2024 In New Letter appeared first on Cryptonews.
