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Senator Cynthia Lummis is making waves in the Bitcoin space! Today, at a Bitcoin Policy Institute conference bustling with figures like Michael Saylor and Vivek Ramaswamy, she reintroduced the BITCOIN Act.

The BITCOIN Act is back. pic.twitter.com/WNeU6SWPj3

— Senator Cynthia Lummis (@SenLummis) March 11, 2025

Leading up to this highly anticipated announcement, Senator Lummis fueled the Bitcoin reserve buzz with a short video, confidently declaring, “Big things are coming,” and “I am for real this time.”

I am for real this time. pic.twitter.com/0ejFxTY5ta

— Senator Cynthia Lummis (@SenLummis) March 11, 2025

For those who remember, the senator originally launched this bill back in July 2024. Unfortunately, it didn’t gain enough traction to move forward then, facing headwinds like limited bipartisan support and questions about its practicality. Effectively, it didn’t make it past the 2023–2024 congressional session. Any bill that doesn’t get the green light during a session needs to be reintroduced to stay in the running.

So, what’s in this reintroduced legislation? The strategic Bitcoin reserve, if established, would be managed by the Treasury. The plan is to use secure, decentralized storage across the US, with built-in protocols for handling forks and airdrops, and a data retention policy of five years.

A key component is the Bitcoin Purchase Program, aiming to scoop up to 1 million BTC over the next five years. These holdings would be in it for the long haul – at least 20 years! And to keep things transparent, independent proof-of-reserve audits would be in place.

The bill also gives states the option to store Bitcoin in their own separate accounts and even thinks about the costs involved, including ways to offset them. To fund this ambitious Bitcoin acquisition, the act proposes earmarking the first $6 billion of the Federal Reserve’s annual remittances from 2025 to 2029 specifically for the Bitcoin Purchase Program.

It’s worth noting that Senator Lummis’s latest move is hot on the heels of President Trump’s executive order from last week, which established a Strategic Bitcoin Reserve. However, it’s important to understand that Trump’s order isn’t about the government buying new Bitcoin. Instead, it sets up a formal framework for managing Bitcoin assets that have been seized.

David Bailey, CEO of BTC Inc, sheds light on the bigger picture. He explains that Trump’s executive order is just the initial step. The real push now is to get Congress to pass legislation, like the BITCOIN Act, to truly solidify the strategic Bitcoin reserve.

“What people are missing about the SBR is that it’s not implemented only via executive action or via legislation… we want both. The executive action clears the political lane and tells Congress this is a priority,” Bailey clarified.

“It’s time for the BITCOIN Act,” he concluded, emphasizing the importance of legislative action.

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