United States Congressman Byron Donalds will introduce a bill on Friday to help implement the executive order by President Donald Trump to create and establish a strategic Bitcoin (BTC) reserve and a crypto stockpile. The legislation will require at least 60 votes in the U.S. Senate and a majority support in the House of Representatives.
Under the Trump administration, the support for crypto assets and blockchain technology has achieved bi-partisan approval. Consequently, the bill by Representative Donalds will likely pass with a unanimous majority.
“For years, the Democrats waged war on crypto. Now is the time for Congressional Republicans to decisively end this war,” Donalds noted.
Future Importance of the Bill on the Strategic Crypto Reserve
The political view on digital assets has undeniably divided the Democrats and the Republicans in the recent past. As a result, the bill introduced by Representative Donalds will ensure the strategic Bitcoin reserve and the crypto stockpile will not be eliminated via executive action by future presidents.
Furthermore, the Trump administration intends to add more Bitcoins to the roughly 200k seized from criminal activity via budget-neutral strategies. Notably, Trump’s EO authorizes the Treasury Department to develop a strategy to purchase more BTCs and does not weigh on the burdened taxpayers.
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For instance, some financial experts have noted that the U.S. government could issue a Bitcoin-backed bond to buy more BTCs. Additionally, the U.S. government could enable people to pay taxes in BTC and the accepted crypto assets.
Market Impact
U.S. Senator Cynthia Lummis has advocated for the country to purchase a minimum of 200k BTCs per year to reach 1 million in five years. Such a move would further increase the supply vs demand shock and trigger further bullish sentiment for the entire crypto space
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FAQs
The government may use budget-neutral strategies like Bitcoin-backed bonds or seized BTC from criminal activities to grow its crypto holdings.
