Crypto community members in the United States have sent more than 120,000 letters to state lawmakers to endorse the Strategic Bitcoin Reserve Bill, Satoshi Act Fund CEO and co-founder Dennis Porter revealed. Porter revealed the details on November 15 in a statement.
In his statement, Porter revealed that the crypto community addressed 62,300 letters to Democratic state lawmakers and 60,500 letters to their Republican representatives. The letters, issued by the Satoshi Act Fund, were sent to convince the lawmakers of the benefits of Bitcoin.
The development revealed that lawmakers were still in early-stage deliberations on how to implement the law. The organization underscored the important role public opinion plays during bill implementation periods, especially in convincing lawmakers.
Pennsylvania introduces proposal to implement the bill
The House of Representatives of Pennsylvania has submitted proposals that will aid the smooth passage of the Strategic Bitcoin Reserve Bill. If the proposal is successful, the state treasury will add Bitcoin as a strategic reserve asset.
The bill will enable states to direct 10% from funds like Rainy Day, the General Fund, and the State Investment Fund to buy Bitcoin. The bill was introduced by Republican Rep. Mike Campbell. The states had passed a bipartisan bill, providing clarity for the over 1.5 million crypto users. The bill is awaiting Senate approval. However, the representatives have faulted the SEC for the lack of regulatory clarity at the federal level.
Cynthia Lummis submits Bitcoin Act of 2024
Crypto-focused Senator Cynthia Lummis has submitted the Bitcoin Act of 2024 bill to the United States Congress, pending a vote. The bill will allow the country to purchase BTC over five years, doing it at intervals. During the period, the country will purchase 200,000 BTC every year, ending up with 1,000,000 BTC over the period.
Senator Lummis introduced the bill on July 31, explaining the need for it due to the dire economic situation caused by increased inflation and national debt. Lummis also mentioned that Bitcoin could help in transforming the financial sector in the United States. She noted that the United States will be at the forefront of financial technology if they shift to Bitcoin.
Senator Lummis noted that aside from the coin reducing its debt, its decentralization could also be used to boost financial transparency in the government. She noted that the country could strategically purchase Bitcoin, thereby avoiding disruptions in its market.
Senator Lummis advised that the purchased tokens should be held for about 20 years, with regular proof of reserves and audits done over the years. She also suggested the country do away with its gold reserves, embracing Bitcoin. A post by Bloomberg notes that the Senator has keyed into Trump’s vision of using Bitcoin to reduce the country’s national debt.
The current push to pass the bill comes after Trump’s victory at the just concluded elections, bringing renewed interest in the bill. Bitcoin has reacted well to Trump’s victory, seeing a huge rally that has pushed it well above the $93,000 price mark.