Key points
- The Digital Chamber has written a letter to US senators asking them to support Senator Lummis' Bitcoin bill.
- Integrating Bitcoin into national reserves could help the United States protect itself against economic volatility, according to the bill.
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The Digital Chamber, a key player in promoting blockchain and digital assets, has called on all US senators to support the “BITCOIN Act of 2024” introduced by Senator Cynthia Lummis on July 31.
In a letter shared on August 1, the House said the bill is in line with national interests, demonstrates fiscal responsibility and alleviates economic burdens through technological advancement.
Today we personally delivered this letter 👇 to all US Senators urging them to support the BITCOIN Act of 2024. #Bitcoin It's our future, and this bill ensures that America leads global economic innovation.
Thank you @SenLummis For your consistent leadership! image.twitter.com/5LPiKFkEWk
— The Digital Chamber (@DigitalChamber) August 1, 2024
TO Bitcoin According to the Chamber, the reserve would improve the country's balance sheet and ensure transparent management of bitcoin holdings. The group added that by integrating bitcoins into national reserves, the United States could strengthen its financial position and protect itself against inflation and economic instability.
The House also noted that Bitcoin in the strategic reserve can be used to pay off outstanding federal debt.
“Historically, our financial system has been burdened by debt and fiscal policies that have often led to economic problems. Establishing a bitcoin reserve is a step toward rectifying these problems. It provides an opportunity to take a more sustainable and forward-thinking approach to fiscal management,” the Chamber wrote.
Lummis’ Bitcoin bill seeks to direct the US Treasury to purchase 1 million BTC within five years. The strategy is to use Bitcoin as a US strategic reserve to stabilize the US dollar and reduce national debt.
The proposal came after Republican candidate Donald Trump declared that he would Bitcoin, a strategic reserve asset for the US If elected.
The Digital Chamber also wrote a letter to Vice President Kamala Harris last month, urging her to take a pro-crypto stance in her presidential campaign.
The group suggested that Harris should consider a vice presidential candidate with strong experience in digital asset policy.
The cryptocurrency community has been questioning Harris’ stance on Bitcoin and cryptocurrencies ever since President Biden withdrew from the upcoming presidential race. There have been no public comments on the issue from the vice president.
According FortuneKamala Harris is likely to clarify her stance on Bitcoin in the coming weeks.
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