US Congressman Nick Begich clarified that the Bitcoin Act did not infringe on private Bitcoin ownership. He added that Bitcoin protected the rights of individuals and businesses to own, hold and transact Bitcoin freely.
US congressman Nick Begich said the Bitcoin Act protected the rights of individuals and businesses to own, hold and transact Bitcoin freely. The congressman said the Bitcoin reserve initiative would not utilize taxpayer money to purchase additional BTC.
“Bitcoin Act will not infringe on an individual right to own BTC
Lawmakers revealed their plans to create a federal Bitcoin reserve at the Bitcoin for America summit. The lawmakers said the reserve would see the United States purchase one million BTC.
NEW: 🇺🇸 US Congressman Nick Begich says, “The BITCOIN Act does not infringe on private ownership of Bitcoin, explicitly protects the rights of individuals and businesses to own, hold, and transact #Bitcoin freely.”
“Recognizes self custody as a fundamental right to financial… pic.twitter.com/n8JHvCBguK
— Simply Bitcoin (@SimplyBitcoinTV) March 12, 2025
Wyoming Senator Cynthia Lummis announced she would reintroduce the Bitcoin reserve legislation in the Senate. She said she would reintroduce the Bitcoin Act for consideration before the other lawmakers. Lummis said Senator Justice for West Virginia was one of the bill’s co-sponsors. She added that the legislation had several other cosponsors, including Tommy Tubberille, Marsha Blackburn, Roger Mashall, Bernie Moreno, and Jim Justice. The senator continued that in the House the bill had six original cosponsors through Nick Begich.
Senate U.S. Congressman Nick Begich announced he would introduce the Bitcoin reserve legislation in the House today. He added that the bill was a bold and forward-looking initiative to ensure the United States secured financial independence and maintained its leadership in the global digital economy.
The congressman said the momentum was in their hands, and they needed to ensure the United States acquired the Bitcoin Reserve. He commented that the U.S. President supported their moves and made the opportunities boundless.
Begich added that the Bitcoin Reserve initiative was designed to be fiscally responsible. He explained that taxpayer money would not be used to purchase more Bitcoin to store in the reserve. The congressman said the government would leverage federal reserve remittances, which had exceeded $76 million in 2023.
He added that the government would unlock more funds through gold certificate reevaluations to purchase Bitcoin. The congressman hinted at the legislation’s establishment of the stabilization fund, which would be mandated to manage currencies outside the United States dollar.
Bitcoin is free from geopolitical manipulation and censorship – Begich
Begich said Bitcoin was censorship-resistant and immune to geopolitical manipulation. He praised the digital asset, saying it embodied the economic freedom and self-determination principles that defined America’s leadership. He clarified that the proposed legislation would not infringe on private Bitcoin ownership.
He added that Bitcoin recognized self-custody as a fundamental right to financial sovereignty. Begich said the bill affirmed that Americans should not fear government overreach regarding the digital asset.
Trump signed an executive order last week to create a federal strategic Bitcoin reserve. The president clarified that the reserve would consist of confiscated Bitcoin from Criminal and Civil proceedings. The executive order estimated the BTC under judicial confiscation to amount to 200,000 BTC, pending an official audit.
If passed into law, the Bitcoin Act of 2025 would prevent future presidential administrations from overturning the Bitcoin reserve. The bill also proposes that the United States purchase an additional 200,000 BTC each year until the total purchased BTC amounts to 1 million BTC.
VanEck suggested that the strategic Bitcoin Reserve could be useful in offsetting the current national debt. The asset manager predicted the reserve could offset approximately $21 trillion of national debt by 2049. It pointed out that the U.S. government needed to follow the roadmap outlined in the Bitcoin Act to achieve the debt offset goal.
Federal governments in the United States also introduced domestic legislation before their lawmakers after Trump assumed office. Texas and Ohio are among the twenty-one states with pending Bitcoin-related legislation. The Utah Bitcoin reserve bill passed the Senate last week and is yet to be tabled before the governor for assent. However, lawmakers scrapped provisions to establish a reserve in their final amendments.
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