The “Boosting Innovation, Technology, and Competitiveness via Optimized Investment Nationwide Act of 2024” (sometimes known as the “Bitcoin Act of 2024”) was proposed by Senator Cynthia Lummis.
The provision of transparent administration of government Bitcoin holdings and the balancing of expenses via resources provided by the government Reserve are the two primary goals of this piece of legislation, which aims to establish a strategic Bitcoin reserve.
The development of a Bitcoin reserve is required under the law in order to bolster the United States’ position in the global digital economy and to boost the country’s level of competitiveness in the cryptocurrency industry.
The legislation places an emphasis on openness and mandates that government Bitcoin tokens undergo regular audits, public disclosure, and stringent monitoring in order to preserve public trust in these tokens.
The purpose of the measure is to preserve the Bitcoin reserve while minimizing the financial burden that is placed on taxpayers via the use of resources provided by the Federal Reserve.
A total of two readings of the measure were performed in the Senate, after which it was sent to the relevant committee for further examination.
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