Criminal at Bitcoin 2024, BTC Strategic Reserve Bill, and more: Hodler’s Digest, July 28 – Aug. 3
Sen. Lummis introduces Bitcoin Strategic Reserve Bill, Bitfinex hacker shows up at Bitcoin 2024, and Trump Bitcoin sneakers: Hodler’s Digest.
On July 31, Senator Cynthia Lummis officially introduced the Bitcoin Strategic Reserve bill, which would direct the United States government to start a reserve fund for the scarce decentralized asset. More specifically, the bill would establish a decentralized network of secure Bitcoin vaults under the control of the United States Treasury.
The bill also directs lawmakers and bureaucrats to enact strict cybersecurity parameters and other physical security measures to ensure that Bitcoin funds are not stolen. Additionally, the bill laid out a goal of accumulating 1 million Bitcoin over time, or roughly 5% of Bitcoins total supply, using existing U.S. Treasury funds to acquire the Bitcoin in amounts that mirror the U.S. Treasurys gold allocation.
Lummis bill also reaffirmed the right to self-custody in the United States. It seeks to protect this right, which has come under fire from certain U.S. lawmakers.
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Author: Editorial Staff
