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The Week In Crypto Policy: Bitcoin Reserves, VP Harris New Advisor, Sanctions Amendment to NDAA
While the August recess may be starting up, crypto policy news showed no signs of slowing down.
Top Points
- Senator Cynthia Lummis (R-WY) introduced a bill to direct Treasury to buy 1 million Bitcoin over five years and hold the supply for at least 20 years.
- Vice President Harris's presidential campaign added a new advisor: Treasury Under Secretary Brian Nelson, who, in his role at Treasury, has overseen FinCEN's proposed rule on cryptocurrency mixers and OFAC's sanctioning of Tornado Cash.
- Senators Mark Warner (D-VA) and Marco Rubio (R-FL) filed an NDAA amendment including a provision to authorize Treasury to stop U.S. persons from transacting with certain “foreign digital asset transaction facilitators” who knowingly facilitate sanctions evasions, terrorist financing, or money laundering.
Senator Cynthia Lummis – BITCOIN Act of 2024
On Wednesday, Senator Cynthia Lummis (R-WY) introduced a new bill to direct the U.S. Treasury Department to buy 200,000 Bitcoins per year, for five years, for a total purchase of 1 million Bitcoin (“BTC”). § 5.
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.