Rep. Byron Donalds (R-FL) has introduced a bill in the House of Representatives to codify President Donald Trump’s proposed Strategic Bitcoin Reserve into law. The bill, known as the Reserve and Stockpile Act, is significantly different from the legislation introduced by Sen. Cynthia Lummis (R-WY) earlier this week.
Unlike Lummis’ bill, which would commit the US government to buying $80 billion worth of Bitcoin, Donalds’ bill would only codify Trump’s executive order on creating a Bitcoin Strategic Reserve and separate Digital Asset Stockpile. The bill would also allow the US Treasury Secretary and Commerce Secretary to add more Bitcoin to the federal reserve if such acquisitions are “budget neutral.”
The introduction of this bill comes as White House officials have been using similar language to describe potential purchases of Bitcoin by the federal government, which is estimated to already possess nearly 200,000 BTC from civil and criminal forfeitures.
While some lawmakers have expressed skepticism about the budget neutrality of Lummis’ bill, Trump allies like Donalds see this legislation as a way to avoid controversy. The bill’s simplicity could make it more appealing in an era where government spending is a major topic of debate.
Source: https://decrypt.co/310039/house-bill-trump-bitcoin-reserve-one-major-difference