Key Points
- The Digital Chamber is lobbying US Senators to support Senator Cynthia Lummis’ “BITCOIN Act of 2024”, which proposes adding Bitcoin to the US national reserves.
- Several US politicians, including Donald Trump and Robert F. Kennedy Jr., support incorporating Bitcoin into the country’s financial strategy.
The Digital Chamber, a prominent advocacy group for blockchain and digital assets, has launched a campaign urging US Senators to support the “BITCOIN Act of 2024” introduced by Senator Cynthia Lummis on July 31, 2024. This push comes amid growing political interest in incorporating Bitcoin into the nation’s financial strategy.
In a letter hand-delivered to every US Senator on August 1, the Digital Chamber emphasized that adding Bitcoin to America’s balance sheet could secure its position as a global leader and provide stability in the face of economic uncertainties. The Chamber’s Chief Policy Officer, Cody Carbone, highlighted Bitcoin’s potential to hedge against inflation and economic volatility, citing its hard-cap supply of approximately 21 million units.
The BITCOIN Act of 2024, formally known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, proposes directing the US Treasury to purchase 1 million Bitcoins over five years. Senator Lummis argues that this strategy could help stabilize the US dollar and reduce the national debt, which recently surpassed $35 trillion.
The Digital Chamber’s advocacy aligns with a growing trend of political interest in cryptocurrency. At the recent Bitcoin 2024 conference in Nashville, independent candidate Robert F. Kennedy Jr. promised to make the US Treasury buy 500 Bitcoin daily until reaching at least 4 million Bitcoin. Similarly, Republican candidate Donald Trump announced plans to build a strategic national Bitcoin stockpile.
The Chamber’s letter to Senators outlined several potential benefits of the proposed Bitcoin reserve:
- Improved national balance sheet with transparent management of Bitcoin holdings
- A hedge against inflation and economic instability
- Potential use in retiring outstanding federal debt
- Adoption of a more sustainable and forward-looking approach to fiscal management
This push for Bitcoin integration comes as the United States sees more bipartisan support on cryptocurrency-related matters. The Financial Innovation and Technology for the 21st Century Act passed the House with support from both Democrats and Republicans and is now awaiting a Senate vote.
However, the path to cryptocurrency integration in US financial policy is challenging. A recent attempt to overturn the US securities regulator’s Staff Accounting Bulletin 121 rule, which would have made it easier for US banks to custody cryptocurrency exchange-traded products, failed to garner sufficient support to override President Biden’s veto.
As the debate over Bitcoin’s role in national finance continues, the Digital Chamber’s advocacy highlights the growing importance of cryptocurrency in discussions about the future of US economic policy. The outcome of these efforts could significantly impact the country’s approach to digital assets and financial innovation in the coming years.
