U.S. Senator Cynthia Lummis (R-WY) is ramping up pressure for Congress to pass the BITCOIN Act, legislation aimed at establishing a strategic bitcoin reserve to strengthen America's financial position and long-term economic competitiveness. Promoting the bill on social media platform X, Lummis, who chairs the Senate Banking Subcommittee on Digital Assets, wrote: "Reasons to pass the BITCOIN Act and buy, baby, buy: 1) The BITCOIN Act will help America get our debt under control; 2) Only one nation will have the juice to own enough bitcoin to underpin its currency as the world's reserve $." She added: "The clock and next block are ticking: Let's Go!"
Her post followed recent remarks from Blackrock CEO Larry Fink, who in his 2025 Annual Chairman's Letter warned that the U.S. risks losing its reserve currency status if federal debt levels continue to rise unchecked. Fink noted that interest payments are projected to exceed $952 billion this year—surpassing defense spending—and that by 2030, all federal revenue could be consumed by mandatory outlays and debt servicing. While Fink remains supportive of decentralized finance, he acknowledged that bitcoin could become a more attractive alternative if trust in the U.S. dollar continues to erode.
Key Provisions of the BITCOIN Act
Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act in the U.S. Senate on March 11. The legislation aims to codify President Donald Trump's executive order establishing a United States Strategic Bitcoin Reserve. "Bitcoin is not simply a technological opportunity, but a national imperative for America's continued financial leadership in the 21st century," the senator said in a statement announcing the bill.
The proposal would authorize a federal purchase program of up to 1 million BTC over a designated timeframe. It also calls for the Treasury Department to create a decentralized network of secure bitcoin vaults, with strict physical and cybersecurity controls. The measure would be funded by diversifying existing assets within the Federal Reserve System and the Treasury Department, not through new taxpayer allocations. Additionally, the bill affirms the self-custody rights of individual bitcoin holders and specifies that the Federal Reserve shall not infringe on personal financial freedoms.
Lummis emphasized that with the national debt exceeding $35 trillion and the dollar's purchasing power declining, establishing a strategic bitcoin reserve is a "once-in-a-century opportunity" for the U.S. She urged Congress to act swiftly, noting that other nations are also exploring bitcoin reserves, and the U.S. cannot afford to fall behind in the race for digital financial sovereignty.