On Friday, Rep. Byron Donalds (R-FL) introduced legislation in the House of Representatives that would enshrine into law President Donald Trump’s proposed Strategic Bitcoin Reserve—but the bill is crucially different from the legislation introduced in the Senate earlier this week.
The opposite of the Bitcoin Act On Tuesday, Sen. Cynthia Lummis of Wyoming (R) proposed a bill that would require the U.S. Government to buy up around $80 billion in worth of cryptocurrencies. BitcoinDonalds’ Reserve and Stockpile Act (DRSA) does not require the purchasing of BTCs in an amount predetermined.
Donalds has proposed legislation that is not much more than an idea. Page Trump’s latest tweets would not be codified into federal law, but only in their length Executive Order This called for a separate Digital Asset Stockpile and a Bitcoin Strategic Reserve.
Donalds, in a shared statement with others, said that “Democrats waged war against crypto for years.” Decrypt. “Now it is time for the Republican Congress to end this war decisively.”
Donalds also repeated the language of Trump’s Executive Order, which states that funds from criminal and civil asset proceedings should be used to seed the Bitcoin Reserve as well as the Digital Asset Stockpile. He would also authorize the According to the announcement, the U.S. Treasury secretary and Commerce secretary would be able to add additional Bitcoin to federal reserves if they were “budget neutral.” However, the bill does not contain such a provision.
White House officials used the word “recently” in recent days. similar language To color any possible purchases of Bitcoins by the Federal Government, who is estimated to have nearly The 200,000 BTC Civil and criminal forfeitures.
The ambitious Bitcoin Act of Sen Lummis is not budget-neutral. If the bill is signed into law the U.S. Government would purchase BTC worth tens and tens billions dollars. This will be done by requiring the Federal Reserve’s gold certificates from the Nixon era to be reevaluated to current prices. The proceeds of this markup could then go towards purchasing more BTC.
In the early part of this week we had a private roundtable. As Decrypt Bo Hines is the Executive Director of the Presidential Working Group on Digital Assets. Tell them to get on with it The Trump administration is trying to get as much Bitcoin in its possession as possible. Hines informed Sen. Lummis during the meeting that the White House would support legislation to create a Strategic Bitcoin Reserve, and exert pressure on Congress to pass it.
The roundtable participants told Decrypt White House officials explained that many people misinterpreted this message and thought it meant the White House was in support of Lummis’ Bitcoin Act. Decrypt Hines told reporters on Thursday that she did not endorsing any legislation in particular during the event.
The bill proposed Friday by Donalds—a fiercely loyal Trump Ally—could offer the White House a less contentious avenue to codifying its Bitcoin reserve into law. Although it might not force the U.S. to start buying BTC in the tens and dozens of billions, given the current discourse about Spending by the governmentThis simplicity would make legislation more appealing.
