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Senator Lummis Endorses US Bitcoin Acquisition and Advocates for BITCOIN Act

BitMine’s new chairman Tom Lee joins Senator Lummis in backing Treasury Secretary Bessent’s budget-neutral approach to expanding the Strategic Bitcoin Reserve using forfeited assets under President Trump’s executive order.

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Fact Check
The evidence strongly and directly confirms the statement. Multiple primary sources, including Senator Lummis's official Senate website (Source 1, 5), her official X account (Source 2), and the text of the bill itself, show she introduced and advocates for the BITCOIN Act. This act explicitly proposes the creation of a Strategic Bitcoin Reserve (Source 1, 4, 8), which involves the acquisition of bitcoin by the U.S. government.
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Summary

On August 17, BitMine's new chairman Tom Lee endorsed U.S. Treasury Secretary Scott Bessent’s plan to build the Strategic Bitcoin Reserve with Bitcoin forfeited to the federal government. This approach, set by President Trump’s March executive order, aims to expand holdings through budget-neutral methods rather than direct purchases. Secretary Bessent reiterated the goal of making the U.S. a global Bitcoin superpower. Senator Cynthia Lummis has also supported the initiative, advocating for gold reserve revaluation and her BITCOIN Act to scale the reserve further. Bitcoin traded near $117,000 following these endorsements.

Terms & Concepts
  • Strategic Bitcoin Reserve (SBR): A US government reserve of Bitcoin, created through an executive order to hold forfeited coins and expand via budget-neutral acquisitions.
  • BITCOIN Act: Proposed US legislation to formalize and expand the Strategic Bitcoin Reserve, with large-scale acquisition targets, long holding periods, and cryptographic proof-of-reserves.
  • Proof-of-Reserves: A verification process using cryptography to publicly prove an entity's asset holdings without revealing sensitive information.