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Strategic Bitcoin Reserve: Establishing 1 Million BTC Acquisition and Digital Asset Management.

This Act establishes the Strategic Bitcoin Reserve (SBR) and a program to purchase 1 million Bitcoins over 5 years, aiming to enhance U.S. financial security and diversify national assets. While the law does not directly impact citizens' daily finances, it explicitly protects private property rights, ensuring the government cannot confiscate lawfully acquired Bitcoin. It also mandates the consolidation and secure, decentralized storage of all existing federal digital assets, funded partly by adjustments to Federal Reserve System resources.
Key points
Establishment of the Strategic Bitcoin Reserve (SBR) – a decentralized network of secure facilities for the cold storage of Government Bitcoin holdings.
Bitcoin Purchase Program: The U.S. Government is mandated to acquire up to 1 million Bitcoins over 5 years, to be held in the SBR for a minimum of 20 years, primarily for retiring outstanding Federal debt.
Increased Transparency: Implementation of a quarterly “Proof of Reserve” system with public cryptographic attestations and independent audits to ensure accountability.
Protection of Private Property: The Act explicitly affirms and protects the rights of individuals to maintain full lawful control over their Bitcoin, prohibiting government seizure or confiscation.
Funding Mechanism: Costs are offset by utilizing discretionary surplus funds from Federal Reserve banks and adjusting the valuation of Federal Reserve gold certificates.
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Expired
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Additional Information
Print number: 118_S_4912
Sponsor: Sen. Lummis, Cynthia M. [R-WY]
Process start date: 2024-07-31
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

BITCOIN Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4912.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-07-31.

What are the main provisions?

Key points include:

  • Establishment of the Strategic Bitcoin Reserve (SBR) – a decentralized network of secure facilities for the cold storage of Government Bitcoin holdings.
  • Bitcoin Purchase Program: The U.S. Government is mandated to acquire up to 1 million Bitcoins over 5 years, to be held in the SBR for a minimum of 20 years, primarily for retiring outstanding Federal debt.
  • Increased Transparency: Implementation of a quarterly “Proof of Reserve” system with public cryptographic attestations and independent audits to ensure accountability.
  • Protection of Private Property: The Act explicitly affirms and protects the rights of individuals to maintain full lawful control over their Bitcoin, prohibiting government seizure or confiscation.
  • Funding Mechanism: Costs are offset by utilizing discretionary surplus funds from Federal Reserve banks and adjusting the valuation of Federal Reserve gold certificates.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Lummis, Cynthia M. [R-WY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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Economy Public Investments