US Rep. Byron Donalds to introduce bill codifying Trump’s Bitcoin reserve 🇺🇸
A Congressional bill introduced by US Representative Byron Donalds seeks to formalize Trump's executive order for a US Strategic Bitcoin Reserve. This move could further embed Bitcoin in America's financial strategy. The bill aims to permanently safeguard the reserve from future administrative changes.
The proposed legislation would require the US Senate's approval, where Republicans hold a majority. If passed, the reserve and US Digital Asset Stockpile cannot be dismantled by future executive orders. Growing interest in Bitcoin is evident, with at least 23 states proposing similar legislation.
This legislation marks a pivotal moment for the crypto industry by potentially offering a clearer regulatory path and integrating Bitcoin into the national financial framework. However, funding and custody solutions for the reserve remain challenging for the government.
Additionally, Donalds' bill may clarify government Bitcoin acquisition strategies. While current plans exclude Bitcoin purchases, future acquisitions may be considered if budget-neutral strategies can be developed by the Treasury and Commerce departments.
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