Digital Chamber Pushes Senators to Back Bitcoin Bill

The Digital Chamber, an advocate for digital assets in the US, calls on lawmakers to back Senator Cynthia Lummis of Wyoming’s introduced Bitcoin reserve bill.

The advocacy group for cryptocurrency claims to be hand-delivering letters outlining the benefits of Bitcoin to each US senator to maintain the US’s standing as a global leader.

The advocacy group said on Aug. 1 on X that it is hand-delivering a letter to “every US Senator” outlining how the United States can maintain its status as a “global leader” and increase stability in the face of “global economic uncertainties” by including Bitcoin BTC$64,392 into its balance sheet.

On July 31, Lummis introduced the Bitcoin Act 2024, also known as the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024. Under this measure, the US Treasury would purchase one million bitcoins over five years and establish Bitcoin vaults.

Senators were informed in a letter by Cody Carbone, Chief Policy Officer of The Digital Chamber, that the law would significantly assist the US in hedging against inflation and economic volatility.

In support of this assertion, Carbone emphasized that Bitcoin has a hard cap of about 21 million units, making it rare and immune to inflationary pressures:

“By reducing our reliance on traditional fiat currencies and diversifying our reserves, we can create a more robust and adaptable financial system that is better equipped to navigate future economic challenges.”

The letter was sent four days after the US national debt crossed the $35 trillion threshold.

Politicians in the US are not alone in calling for the inclusion of Bitcoin in the nation’s balance sheet.

Independent contender Robert F. Kennedy Jr. pledged to force the US Treasury to purchase 500 Bitcoin daily until the amount reached at least 4 million during the recent Bitcoin 2024 conference in Nashville.

Donald Trump, the Republican nominee, revealed intentions to create a strategic national Bitcoin stockpile at the same event.

In recent months, there has been more bipartisan support in the US on issues about cryptocurrencies.

With 208 Republicans and 71 Democrats voting in favor, the House approved the Financial Innovation and Technology for the 21st Century Act on May 22, and it is currently pending a Senate vote.

Both chambers also voted down the US Securities Regulation’s Staff Accounting Bulletin 121 rule. However, President Joe Biden eventually vetoed it, and an attempt to override his veto also failed since it didn’t receive a two-thirds majority in the House during a second vote.

Industry observers assert that US banks would have found it more straightforward to hold bitcoin exchange-traded products if SAB 121 had been approved.