Tuberville Backs New Bill for US Government to Purchase One Million Bitcoin
Senator Tommy Tuberville has joined several lawmakers to introduce the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act," or BITCOIN Act, in the US Senate. The legislation aims to establish a Strategic Bitcoin Reserve as an additional store of value for America's balance sheet, according to a report from Yellowhammernews.
The bill comes as cryptocurrency has reached new highs following President Donald Trump's election. Bitcoin recently topped $100,000 per coin before cooling off. Trump's supportive stance on cryptocurrency has prompted innovation across government levels.
"Like President Trump, Bitcoin has shaken up the status quo in Washington D.C. and is completely revolutionizing the way Americans invest in their futures," Tuberville stated. He added that creating a Strategic Bitcoin Reserve would help ensure the United States maintains the world's strongest economy.
The legislation would establish a decentralized network of secure Bitcoin vaults operated by the US Department of Treasury. These would include statutory requirements to ensure the highest level of physical and cybersecurity for the nation's Bitcoin holdings.
The bill proposes a one-million-unit Bitcoin purchase program over a set period. This would give the US approximately 5% of the total Bitcoin supply, similar to the share of gold the country currently holds.
Key provisions of the BITCOIN Act include:
- Creating secure Bitcoin vaults operated by the Treasury Department
- Purchasing one million Bitcoin units (about 5% of total supply)
- Affirming self-custody rights for private holders
- Ensuring the reserve doesn't infringe on individual financial freedoms
Senator Cynthia Lummis of Wyoming is the bill's primary sponsor. Additional co-sponsors include Senators Marsha Blackburn, Jim Justice, Roger Marshall, and Bernie Moreno, all Republicans.
