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<p class="is-style-lead">Following pro-crypto Senator Cynthia Lummis’ plea to enact a Bitcoin Strategic Reserve bill at the end of July, U.S. Senators have now received over 2,200 letters urging them to support the proposal.&nbsp;</p> 
<p>The <a href="https://crypto.news/us-senator-lummis-unveils-bitcoin-reserve-legislation-following-trumps-keynote/" data-type="link" data-id="https://crypto.news/us-senator-lummis-unveils-bitcoin-reserve-legislation-following-trumps-keynote/" target="_blank" rel="noreferrer noopener">bill</a> aims to create a “decentralized network of secure Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" data-type="link" data-id="https://crypto.news/price/bitcoin/" rel="noreferrer noopener">BTC</a>) vaults” managed by the U.S. Treasury, mandating lawmakers and government officials to implement stringent cybersecurity protocols and physical security measures to safeguard Bitcoin assets from theft.</p> 
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   <p lang="en" dir="ltr">BIG BREAKING: In just 48 hours over 2,200 letters have been sent to U.S. Senators requesting them to co-sponsor and support the 'Strategic Bitcoin Reserve' bill. <br><br>🔵Democrats received – 1,333 letters<br>🔴Republicans received – 850 letters<br>⚪️Independents received – 41 letters <a href="https://t.co/JUHP6mC0bV" target="_blank" rel="">pic.twitter.com/JUHP6mC0bV</a></p>— Dennis Porter (@Dennis_Porter_) <a href="https://twitter.com/Dennis_Porter_/status/1819541804917858395?ref_src=twsrc%5Etfw" target="_blank" rel="">August 3, 2024</a>
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<p>According to Satoshi Action Fund CEO Dennis Porter, Democratic senators received more than 1,300 letters, while Republicans received 850. Independent Party senators received 41. </p> 
<p>Senator Lummis quoted Porter’s post, giving thanks to those who sent the letters.</p> 
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   <p lang="en" dir="ltr">I cannot thank each of you who has sent a letter. <a href="https://t.co/8QyGApjSUH" target="_blank" rel="">https://t.co/8QyGApjSUH</a></p>— Cynthia Lummis 🦬 (@CynthiaMLummis) <a href="https://twitter.com/CynthiaMLummis/status/1819549256954581283?ref_src=twsrc%5Etfw" target="_blank" rel="">August 3, 2024</a>
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<h2 class="wp-block-heading" id="bitcoin-act-to-senate">BITCOIN Act To Senate</h2> 
<p>Lummis, a Republican representing Wyoming, officially introduced the&nbsp;Boosting Innovation, Technology and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act&nbsp;to the U.S. Senate on July 31.</p> 
<p>The BITCOIN Act sets a rather ambitious target for the US Treasury to acquire 1 million Bitcoin — approximately 5% of the cryptocurrency’s total supply.</p> 
<p>To achieve this, Lummis proposes using existing U.S. Treasury funds to purchase Bitcoin in quantities that align with the Treasury’s current gold holdings.</p> 
<p> You might also like: <a href="https://crypto.news/bitcoin-ethereum-etfs-record-joint-outflows-first-time/"> US spot Bitcoin, Ethereum ETFs record joint outflows for first time </a> </p> 
<p>In July, during the introduction of the proposal, Senator Lummis’ camp released a <a href="https://www.lummis.senate.gov/press-releases/lummis-introduces-strategic-bitcoin-reserve-legislation/" target="_blank" rel="">statement </a>on why the bill could become a necessity, saying that creating a strategic <a href="https://crypto.news/us-govt-moves-2b-worth-of-bitcoin-after-trumps-no-sell-speech/" target="_blank" rel="noreferrer noopener">Bitcoin reserve</a> would help future generations deal with the growing-rates of inflation.</p> 
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 <p>Bitcoin is transforming not only our country but the world and becoming the first developed nation to use Bitcoin as a savings technology secures our position as a global leader in financial innovation. This is our Louisiana Purchase moment that will help us reach the next financial frontier</p> <cite>Wyoming Senator Cynthia Lummis</cite>
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<p>During the first quarter of the financial year 2024, as reported by the <a href="https://www.ft.com/content/46ca8249-8b81-4f25-a852-4bf9f9852085" target="_blank" rel="">Financial Times</a>, US inflation rates rose by more than 3%.</p> 
<p>Since then, U.S. inflation has dropped and sparked discussions about potential interest rate cuts by the<strong> </strong>U.S.&nbsp;Federal Reserve. </p> 
<p>As inflation cools, investors are reconsidering their portfolios, with cryptocurrency emerging as a key talking point ahead of the 2024 presidential election.</p> 
<p>Presidential candidates from both the Republican and Independent parties, Donald Trump and Robert F. Kennedy Jr, seem to support the introduction of a Bitcoin reserve.</p> 
<p>Vice President Kamala Harris, the presumptive Democratic nominee, has also garnered support from leaders in the cryptocurrency sector, a demographic President Joe Biden struggled with. </p> 
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   <p lang="en" dir="ltr">.<a href="https://twitter.com/KamalaHarris?ref_src=twsrc%5Etfw" target="_blank" rel="">@KamalaHarris</a> is capable and has a great team. I like where we’re going and look forward to seeing her policies on crypto. <a href="https://t.co/b2GSsvK9Pc" target="_blank" rel="">https://t.co/b2GSsvK9Pc</a></p>— Anthony Scaramucci (@Scaramucci) <a href="https://twitter.com/Scaramucci/status/1816266850650435659?ref_src=twsrc%5Etfw" target="_blank" rel="">July 25, 2024</a>
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<p> Read more: <a href="https://crypto.news/solana-takes-sharp-7-dive-bitcoin-ethereum-bnb-drop/"> Solana takes sharp 7% dive: Bitcoin, Ethereum, BNB also drop </a> </p>

2,200 letters flood Senate seeking support for Bitcoin Strategic Reserve

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