Senator Lummis reintroduces BITCOIN Act, proposing 1 million BTC purchase

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Senator Cynthia Lummis reintroduced the BITCOIN Act today while attending a Bitcoin-focused conference hosted by the Bitcoin Policy Institute. The event also featured Michael Saylor and Vivek Ramaswamy.

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

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

Ahead of the announcement, Lummis had shared a short video about the Bitcoin reserve hype, stating “Big things are coming” and that she is “for real this time.”

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

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

The senator first unveiled the bill in July 2024, but failed to advance it due to limited bipartisan support and skepticism about its feasibility. It effectively “died” at the end of the 2023–2024 congressional session. Bills that do not pass during a congressional session must be reintroduced in the next session to remain active.

Under the proposed legislation, the strategic Bitcoin reserve, overseen by the Treasury, would utilize secure and decentralized storage across the US, incorporating measures for forks and airdrops with a five-year retention period.

The bill introduces a Bitcoin Purchase Program aimed at acquiring up to 1 million BTC over five years, with holdings maintained for at least 20 years. Transparency would be ensured through independent proof-of-reserve audits.

The legislation also permits states to store Bitcoin in segregated accounts and includes cost-offset measures. To cover expenses, the act designates the first $6 billion of annual Fed remittances from 2025 to 2029 for the Bitcoin Purchase Program.

Lummis’ announcement follows President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve, which was issued last week. The order does not involve a new government acquisition of Bitcoin; instead, it formalizes policies for managing seized assets.

According to David Bailey, CEO of BTC Inc, Trump’s executive order is the first step; the next step is to push for legislation in Congress to solidify the creation of a 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 stated.

“It’s time for the BITCOIN Act,” he added.

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