Senator Cynthia Lummis announced her intention to resurrect the Bitcoin Act during a Bitcoin-centric conference held by the Bitcoin Policy Institute. She took to social media on Tuesday to share a brief video about the Bitcoin reserve, promising that “big things are on the horizon” and assuring her followers that she is “serious this time.”
Originally proposed in July 2024, the bill failed to gain traction due to a lack of bipartisan support and doubt about its practicality. As a result, it was effectively “shelved” at the conclusion of the 2023-2024 congressional session.
To keep the Bitcoin Act alive, Lummis must reintroduce it during the current Congress. Any bill not passed in a congressional session needs to be reintroduced in the subsequent session to remain under consideration.
Last week, President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve. This action aligns with some of the Bitcoin Act’s objectives but does not mandate new Bitcoin purchases by the government. Instead, it sets the guidelines for managing confiscated assets.
David Bailey, the CEO of Bitcoin Inc, believes Trump’s executive order is only the initial move. The following step is to advocate for congressional legislation that would cement the establishment of a strategic Bitcoin reserve.
According to Bailey, “People are overlooking that the SBR isn’t just an executive action or legislative initiative… we need both. The executive action paves the political path and signals to Congress that this is a priority.”
“The Bitcoin Act’s time has come,” he concluded.
