Bill > S4912

This bill, the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024" or the "BITCOIN Act of 2024," aims to establish a Strategic Bitcoin Reserve and other programs to ensure the transparent management of the Federal Government's Bitcoin holdings. It authorizes the Secretary of the Treasury to purchase up to 1 million Bitcoins over a 5-year period and hold them for at least 20 years, with limited ability to sell them. The bill also requires the consolidation of all government-controlled Bitcoin under the Strategic Bitcoin Reserve, implements a Proof of Reserve system for transparency, and allows for voluntary participation by states in storing their Bitcoin holdings in segregated accounts within the Strategic Bitcoin Reserve. The bill also offsets the costs of the Strategic Bitcoin Reserve by adjusting the discretionary surplus funds of the Federal Reserve Banks and utilizing remittances to the Treasury.

Housing and Urban Affairs

https://www.congress.gov/bill/118th-congress/senate-bill/4912/all-info