Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.
The purchase of bitcoin for a new strategic reserve would be financed partly by revaluing Federal Reserve's gold, according to draft legislation from U.S. Senator Cynthia Lummis's office.
U.S. Senator Cynthia Lummis's plan for a new Strategic Bitcoin Reserve would finance purchases of the cryptocurrency partly by revaluing gold certificates held by the Federal Reserve System, according to a draft of the legislation obtained by CoinDesk.her intention to propose the reserve on Saturday at the Bitcoin Nashville conference. She came onstage just minutes after former U.S.
According to the draft bill, under the working short title of"Bitcoin Act of 2024," the Treasury secretary would"establish a decentralized network of secure Bitcoin storage facilities distributed across the U.S.," selecting the locations for the vaults"based on a comprehensive risk assessment, prioritizing geographic diversity, security and accessibility."
The bitcoin purchases would be financed through a few methods, describe in the draft bill as"offsetting the cost of the Strategic Bitcoin Reserve."
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