Wyoming Republican Senator Cynthia Lummis has reintroduced legislation to create a strategic bitcoin reserve. The bill follows President Donald Trump's recent executive order on the same topic and aims to transform his executive action into permanent law as reported by BTCPEERS.

The legislation, known as the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act" or BITCOIN Act, was previously proposed in July 2024. Lummis shared her vision Tuesday on X: "We can ensure that our nation will harness the full potential of digital innovation to address our national debt while maintaining our competitive edge in the global economy."

According to the bill, the Treasury Department would operate a "decentralized network of secure Bitcoin vaults." The proposal includes plans to purchase 1 million bitcoin units over time, representing about 5% of the total Bitcoin supply - comparable to current U.S. gold reserves.

The legislation specifies that funding would come from diversifying existing funds held by the Federal Reserve and Treasury Department. No new appropriations would be needed.

Several Republican senators have thrown their support behind the bill, including:

• Jim Justice
• Tommy Tuberville
• Roger Marshall
• Marsha Blackburn
• Bernie Moreno

In the House of Representatives, Republican Representative Nick Begich has introduced a companion bill. The legislative push comes just days after President Trump signed an executive order to create a strategic bitcoin reserve and digital asset stockpile.

The proposal has gotten mixed reactions. Supporters call it a "huge moment" for cryptocurrency adoption, while critics point to a lack of clear details in Trump's original plan. Senator Tuberville expressed his support by stating: "There's no reason why we shouldn't use Bitcoin to pay down our national debt."

The news comes as Strategy, the largest public corporate Bitcoin holder, announced plans to raise up to $21 billion in new capital for Bitcoin purchases. The company currently holds 499,096 Bitcoin valued at $41.2 billion and has added 52,696 BTC since January 13, 2025, showing growing institutional confidence in the cryptocurrency.