Lummis Revives US Bitcoin Reserve Push Amid Cryptocurrency Legislative Progress

US Senator Cynthia Lummis has revived her efforts to establish a US Strategic Bitcoin Reserve. This move comes after the CLARITY Act failed to advance in the Senate on September 15. The House Financial Services Committee is currently reviewing Lummis' reserve proposal, which would place government-held Bitcoin under Treasury Department oversight and require the assets to be held for at least 20 years.

The proposal also includes proof-of-reserve attestations, audits, and regular reporting requirements. This differs from a previous measure, H.R. 8957, known as the American Reserve Modernization Act, which was scheduled for markup in the House. Lummis' Senate BITCOIN Act would direct the Treasury to acquire up to 1 million Bitcoin over five years through scheduled purchases.

Meanwhile, the Ways and Means Committee has also scheduled H.R. 10357, the Digital Asset Tax Certainty Act, for markup. This bill aims to clarify the tax treatment of digital assets, including provisions covering mining, staking, network fees, donations, and reporting.