Implement a 1-million-unit Bitcoin purchase program over a set period of time to acquire a total stake of approximately 5% of total Bitcoin supply, mirroring the size and scope of gold reserves held by the United States.
Lummis's draft legislation aims to establish a decentralized network of Bitcoin vaults operated by the Department of Treasury, self-custody rights for Bitcoin holders, and funding through Federal Reserve System diversification.
Lummis previously opposed SEC's SAB 121, arguing it would burden banks holding customers' cryptocurrencies and contended the SEC violated proper rulemaking procedures supported by the Government Accountability Office.
President Biden vetoed the nullification of SEC's crypto policy due to concerns about constraining the SEC's regulatory authority, despite Republican-led opposition and support from the Government Accountability Office.
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