A new bill aims to protect a controversial Bitcoin reserve supposedly established by President Trump. Let’s break down the details.
A Bitcoin Reserve Bill
Representative Byron Donalds is introducing a bill to make President Trump’s executive order creating a national Bitcoin reserve official. This bill would prevent future administrations from simply getting rid of the reserve. The reserve would be funded by Bitcoin seized from criminals and other digital assets already owned by the government. Donalds claims this is a necessary move to counter what he sees as Democratic attacks on the crypto industry. The bill needs significant support to pass.
More Support for the Bitcoin Reserve
Senator Cynthia Lummis has reintroduced a bill to create a Bitcoin purchasing program. This bill, co-sponsored by several Republican senators, aims to ensure transparent management of government Bitcoin holdings. She calls it a landmark bill that supports Trump’s vision for a national Bitcoin reserve.
Representative Nick Begich also introduced a similar bill in the House, emphasizing the need for the US to stay ahead in the digital economy.
Opposition to the Plan
However, not everyone is on board. Representative Gerry Connolly opposes the plan, arguing it benefits Trump and his donors, is bad fiscal policy, and wastes taxpayer money. He’s requested information about safeguards to prevent government officials from profiting from the reserve.
