Crypto Revolution on the Horizon: US Senator Pledges Historic Bill Passage Before 2024
Source = Getty Image Bank The U.S. Senate plans to pass the ‘Strategic Bitcoin (BTC) Preparation Act’.
According to Cointelegraph on the 6th (local time), Wyoming Republican Senator Cynthia Loomis emphasized that “we plan to push for legislation of a strategic BTC preparation bill” immediately after the U.S. presidential election.
Last July, Rep. Cynthia Loomis proposed the Strategic BTC Preparation Act at the suggestion of former President Trump. This bill includes the Federal Reserve System (Fed) holding BTC as a reserve asset to reduce the national debt. The goal is to purchase approximately 1 million BTC, which is 5% of the total BTC supply, and hold it for at least 20 years.
The Republican Party won the federal congressional election held along with this U.S. presidential election and became the majority party in the U.S. Senate. Regarding the election results, Paul Graham, founder of Y Combinator, wrote on Senator Cynthia Loomis has continued to advocate for the use of virtual assets in Congress since taking office in 2021.