by Bradley Keoun at CoinDesk
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The purchase of bitcoin for a new strategic reserve would be financed partly by revaluing Federal Reserve’s gold, according to draft legislation from U.S. Senator Cynthia Lummis’s office.
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The plan proposes establishing a “Bitcoin Purchase Program” of up to 200,000 BTC a year over a five-year period.
U.S. Senator Cynthia Lummis’s plan for a new Strategic Bitcoin Reserve would finance purchases of the cryptocurrency partly by revaluing gold certificates held by the Federal Reserve System, according to a draft of the legislation obtained by CoinDesk.
Lummis, a Wyoming Republican who is known for her Bitcoin-friendly policy stance, announced her intention to propose the reserve on Saturday at the Bitcoin Nashville conference. She came onstage just minutes after former U.S. President Donald Trump, the Republican nominee in this year’s presidential race, delivered a speech on blockchain policy before the cheering room, filled to its 8,500-person capacity.
Trump, during this speech, endorsed using the U.S. government’s existing bitcoin holdings – primarily obtained through forfeitures and seizures related to criminal cases – to form the “core” of a new “strategic national bitcoin stockpile.”
According to the draft bill,…