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Competing Bitcoin Reserve bills? š¤
A new bill introduced in the House Friday would codify Trump's Strategic Bitcoin Reserve into law, but there's one key difference from its companion bill in the Senate.
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š What you need to know
Weāve now got bills in the House and Senate that seek to do what President Donald Trump has already done by fiat: create a Strategic Bitcoin Reserve, managed by the Treasury and Commerce departments.
Rep. Byron Donaldsā bill in the House, however, is only a single page long and doesnāt go into anywhere near the detail that Sen. Cynthia Lummisā (R-WY) Bitcoin Act does. The biggest difference? The Senate bill requires that the U.S. government buy 1 million BTC (worth roughly $80 billion) over the next five years. The House bill does not.
Why the difference? Our working theory is that this makes the bill much more likely to pass, even though the final product might look very different by the time voting on the bill starts.
Earlier this week, we reported that a White House official, Bo Hines, told a room full of Bitcoin bigwigs that the Trump administration wants to buy as much Bitcoin as possible for the reserve. But the Trump admin wonāt commit to a number just yet. Itās all got to be done in a ābudget-neutralā way, they say. Hines also told the execs that the Trump admin wants to see Bitcoin Reserve legislation pass through Congress asap (obviously).
So with Lummisā bill likely to face strong opposition, given the hefty price tag attached, this could explain why Donalds chose to introduce a much simpler, much vaguer version in the House.
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