Key takeout
- Representative Byron Donald will introduce legislation codifying Trump's Bitcoin reserve military order.
- Trump's order allows the US Treasury to hold 200,000 bitcoins and bans the sale of spare bitcoins.
Please share this article
According to a Friday report from Bloomberg, Byron Donald, a Florida gubernatorial candidate and powerful Bitcoin advocate, is preparing to propose a law that will establish President Donald Trump's recent executive order into law.
The bill aims to protect policies so that they are not overturned by future presidents who may have different views on Bitcoin and other digital assets. Donald framed the move to end the Democratic Party's “war with Crypto.”
The proposed law will face the possibility that it may be difficult to pass. They need to overcome the filibuster and advance to the final vote by securing a 60 votes in the Senate and a majority in the House.
But the bill could still be successful as Republicans and Democrats increasingly support crypto-related laws.
Trump's executive order issued earlier this month allows the Treasury and Commerce departments to develop a “budget neutral strategy” to acquire additional Bitcoin at no taxpayer fees and bans the sale of spare Bitcoin.
The order also establishes a stockpile of other digital assets currently owned by the Ministry of Finance, as well as future assets obtained through the confiscation of criminal or civil assets.
Running for governor of Florida in next year's election, Donald has defended crypto assets and pledged to transform his state into global financial capital through his digital assets initiative.
In a recent interview with Fox Business, Donalds suggested that Florida needs to establish a Bitcoin Reserve as part of its financial strategy. He argued that like gold, Bitcoin is a valuable store for its rarity and long-term appreciation.
According to him, Bitcoin Reserve will serve as a hedge against inflation and federal monetary policy.
This week, Sen. Cynthia Ramis reintroduced the law to form a strategic Bitcoin reserve in line with Trump's executive order, aiming to strengthen the US financial position.
Please share this article
