Digital Chamber urges US senators to support Lummis’ Bitcoin reserve bill

Brayden Lindrea7 hours agoDigital Chamber urges US senators to support Lummis’ Bitcoin reserve billThe crypto advocacy group says it is hand-delivering letters to every US Senator explaining why Bitcoin would help the US secure its position as a world leader.1847 Total views2 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onThe Digital Chamber, a prominent digital asset advocate in the United States, is calling on US lawmakers to vote in favor of the Bitcoin reserve bill recently introduced by Wyoming Senator Cynthia Lummis.

In an Aug. 1 post on X, the lobby group said it is hand-delivering a letter to “every US Senator,” which will explain that adding Bitcoin (BTC) to America’s balance sheet can secure its position as a “global leader” and provide more stability in the face of “global economic uncertainties.”

Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (or Bitcoin Act of 2024) on July 31. This bill would see the US Treasury set up Bitcoin vaults and buy 1 million Bitcoin over five years.

Notably, the bill would help the US hedge against inflation and economic volatility, The Digital Chamber’s Chief Policy Officer Cody Carbone told Senators in the letter.The Digital Chamber’s letter to US Senators. Source: The Digital Chamber

Carbone backed this claim up by highlighting Bitcoin’s hard-cap supply of roughly 21 million units, making it scarce and resistant to inflationary pressures:“By reducing our reliance on traditional fiat currencies and diversifying our reserves, we can create a more robust and adaptable financial system that is better equipped to navigate future economic challenges.”

The letter comes four days after the US national debt surpassed the $35 trillion mark.

Lummis isn’t the only US politician pushing for the country to put Bitcoin on the country’s balance sheet.

At the recent Bitcoin 2024 conference in Nashville, independent candidate Robert F. Kennedy Jr. promised he would make the US Treasury buy 500 Bitcoin every day until it reached at least 4 million Bitcoin.

At the same event, Republican candidate Donald Trump announced plans to build a strategicnational Bitcoin stockpile.

Related:Bitcoin ‘explosive move’ looms as Bollinger Bands reach tightest points

The US has seen more bipartisan support on cryptocurrency-related matters in recent months.

The Financial Innovation and Technology for the 21st Century Act passed the House on May 22 with 71 Democrats and 208 Republicans in favor and is now awaiting a vote in the Senate.

Both chambers voted to overturn the US securities regulator’s Staff Accounting Bulletin 121 rule too. However, it was later vetoed by President Joe Biden and an attempt to override Biden’s veto also failed, which didn’t garner two-thirds majority support in the House during a second vote.

Industry pundits claim that if SAB 121 had been passed, it would have made it easier for US banks to custody cryptocurrency exchange-traded products.

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