Over 120,000 letters sent to state lawmakers to endorse ‘Strategic Bitcoin Reserve’ bill

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The Satoshi Act Fund CEO and co-founder Dennis Porter revealed on November 15 that the crypto community has sent over 120,000 letters to state lawmakers urging them to endorse the Strategic Bitcoin Reserve bill.

Porter mentioned that the community has sent 60,500 letters to their Republican representatives and 62,300 letters to the Democratic state lawmakers. The letters were issued by the Satoshi Act Fund and they focus on convincing lawmakers of the advantages of embracing Bitcoin.

The call to action revealed that representatives are in the early stages of discussing how to implement the bill. The organization reiterated the importance of the public’s input in convincing lawmakers to take action.  

Pennsylvania introduces a bill to implement the Strategic Bitcoin Reserve

House representatives of Pennsylvania are planning to introduce a bill that will enable the implementation of the Strategic Bitcoin Reserve bill. If the bill passes, the state’s treasury will be able to use BTC as a strategic reserve asset.

The proposed bill will also allow the state to redirect 10% of funds from the State Investment Fund, the State General Fund, and the Rainy Day Fund to purchase BTC. Republican Representative Mike Cabell introduced the bill. 

The state notably passed a Bitcoin bipartisan bill on October 23 to provide regulatory clarity for 1.5 million crypto users in the state. Cabell was responsible for the introduction, and the bill is now awaiting approval by the Senate. The representative noted the lack of regulatory clarity at the federal level, faulting the U.S. SEC for the confusion. 

Cynthia Lummis introduces the ‘Bitcoin Act of 2024’

Pro-crypto senator Cynthia Lummis introduced the ‘Bitcoin Act of 2024’ bill to the U.S. Congress for a vote. The act aims to ensure a constant purchase of BTC over the next 5 years, allowing the country to accumulate 200,000 BTC yearly and achieve 1,000,000 BTC after the period. 

U.S. Senator Cynthia Lummis introduced the Bitcoin reserve bill on July 31 under the title Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN). At the time, Senator Lummis explained the dire economic situation for U.S. citizens due to high inflation rates and national debt. 

Lummis further mentioned BTC’s role in transforming the financial sector in the U.S. and globally. The senator suggested that embracing the coin as a savings technology will place the U.S. at the forefront of financial innovation. 

Senator Lummis also highlighted how holding BTC could reduce the country’s increasing debt. Lummis revealed the opportunity to conduct more transparent government dealings through the coin’s decentralization.

The senator advised in the bill to purchase the premier coin strategically and transparently to avoid market disruptions. After purchase, the government would hold the BTC in a trust for approximately 20 years, with constant audits and employing Proof of Reserves.

Lummis also recently suggested that the government swap its gold reserves for BTC. According to Bloomberg, the senator’s plan is to implement Trump’s vision of acquiring more BTC for the country without increasing the country’s financial deficit. 

The current progress in efforts to pass the bill comes with Trump’s victory, bringing renewed interest in the bill first introduced in July. The top crypto has also reacted to the president-elect’s win, reaching a new all-time high above $93,000 this week.

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