Trump Bitcoin 2024 Act is a proposed change to U.S. cryptocurrency rules. This act aims to improve Bitcoin storage, security, and buying strategies.
Donald Trump and Republican Senator Lummis have introduced the Bitcoin 2024 Act to change how Bitcoin and digital currencies are regulated in the U.S. With Lummis, Trump’s plan includes big changes to strengthen the U.S.’s position in the global crypto market.
Trump and Senator Lummis Bitcoin 2024 Act Legislation
Trump and Senator Lummis announced major plans for the cryptocurrency market. Details of the Bitcoin bill called the 2024 Bitcoin Act, have just been revealed. Here’s a summary of the Trump Bitcoin 2024:
Decentralized Bitcoin Storage: The Treasury Secretary will set up secure Bitcoin storage centers all over the U.S. country.
High-Security Vaults: Bitcoin reserves will be kept in vaults with top-notch security.
Accumulation Goals: The Treasury Secretary will aim to accumulate up to 200,000 BTC per year over five years, with a total goal of 1 million BTC.
Long-Term Holding: Reserved Bitcoins will be held for at least 20 years and can only be sold to pay federal debts.
Sale Restrictions: BTC sales will be limited to 10% of total assets every two years.
Funding Allocation: From fiscal years 2025 to 2029, $6 billion in net earnings from the Federal Reserve will be allocated for Bitcoin purchases.
Gold Certificate Exchange: Within six months of the law’s enactment, Federal Reserve Banks will transfer all their gold certificates to the Treasury Department, which will then issue new gold certificates within 90 days.
Impact of Trump Bitcoin 2024 Act
Senator Cynthia Lummis has introduced the Trump Bitcoin Act of 2024, which would let U.S. states hold cryptocurrency in their reserves. This could be a big change for the U.S. dollar. It plans to keep Bitcoin’s value stable by holding it long-term and controlling sales.
The crypto community supports Trump’s proposal, welcoming the move for better regulations. His promise to remove SEC Chair Gary Gensler on his first day appeals to those who want less strict oversight. If Trump wins in 2024, Trump Bitcoin 2024 Act could increase Bitcoin demand and stabilize its price.
