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A bill to establish a Strategic Bitcoin Reserve and other programs to ensure the transparent management of Bitcoin holdings of the Federal Government, to offset costs utilizing certain resources of the Federal Reserve System, and for other purposes.
8/1/2024, 10:56 AM
Summary of Bill S 4912
The purpose of establishing this reserve is to ensure that the Federal Government has a strategic plan in place for managing its Bitcoin holdings. By creating a transparent system for managing these holdings, the government aims to increase accountability and oversight of its cryptocurrency assets.
Additionally, the bill includes provisions for other programs related to Bitcoin management, although specific details on these programs are not provided in the summary. Overall, the goal of the Strategic Bitcoin Reserve Act is to establish a clear framework for the management of Bitcoin holdings by the Federal Government, utilizing resources from the Federal Reserve System to offset costs and ensure transparency in the process.
Congressional Summary of S 4912
Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 or the BITCOIN Act of 2024
This bill provides for the acquisition and storage of the cryptocurrency Bitcoin by the U.S. government.
The Department of the Treasury must purchase one million Bitcoins over a five-year period and hold the Bitcoins in trust for the United States. All Bitcoins acquired under this bill must be held for at least 20 years unless used to retire outstanding federal debt.
The bill directs Treasury to establish a Strategic Bitcoin Reserve for the secure storage of U.S. Bitcoins. The reserve must be a decentralized network of secure facilities across the United States. Existing U.S. Bitcoin holdings must be transferred to the reserve. States may voluntarily store Bitcoin holdings in the reserve in segregated accounts.
The bill also reduces the total amount of U.S. dollars Federal Reserve banks may hold in surplus and requires Federal Reserve banks to remit a certain amount of net earnings annually to the purchase of Bitcoins.
