U.S. Representative Cynthia Lummis officially proposes the Bitcoin Strategic Reserve Act

U.S. Senator Cynthia Lummis of Wyoming officially proposed the "Bitcoin Strategic Reserve Act" on July 31 local time. The bill will instruct the U.S. government to start establishing a reserve fund for scarce decentralized assets. More specifically, the bill will establish a "Decentralized Secure Bitcoin Vault" controlled by the U.S. Treasury Department, and it also directs legislators and bureaucrats to develop strict cybersecurity parameters and other physical security measures to ensure that bitcoin funds are not stolen. The bill also proposes a goal of gradually accumulating one million bitcoins, which is about 5% of the total supply of bitcoins.