I'm Just a Bitcoin Bill 📜

Sen. Lummis' BITCOIN Act of 2024 faces an uphill battle in a deeply divided Congress and Presidential race.

Author

Stephen Graves
August 01, 2024

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📝 What you need to know

U.S. Senator Cynthia Lummis (R-WY) formally introduced a bill to the U.S. Senate on Wednesday seeking to establish a national Bitcoin reserve. But the BITCOIN Act of 2024—short for the tortured acronym “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide”—isn’t likely to come up for a vote until after November’s election.

Crypto remains a hot-button issue in the election, with Senator Bill Hagerty (R-TN) accusing the Biden administration of doing “everything they can to attack this industry” and driving it offshore.

And though the accession of Kamala Harris as the Democrat frontrunner for the presidential nomination presents an opportunity for the party to “reset” its relations with the industry, analysts told Decrypt that President Biden would likely veto Lummis’ bill should it come across his desk.

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