With the Donald Trump administration in charge at the White House, there have been serious considerations of building a Bitcoin Reserve as Wyoming Senator Cynthia Lummis reintroduced the Bitcoin Act Bill last year, wherein the United States would acquire 1 million Bitcoins over the course of five years.
Other US Congress lawmakers have joined the bandwagon, wherein Alabama Senator Tommy Tuberville announced to re-introduce a pro-crypto bill. During his interview with Fox Business on Monday, March 31, Senator Tuberville stated that he would be submitting the Financial Freedom Act on April 1, which will give Americans greater freedom to decide their investment choices.
Senator Tuberville Proposes Bitcoin Inclusion in 401K Retirement Funds
During his interview on Monday, Senator Tommy Tuberville criticized the Biden administration for stalling clear digital asset regulations in the U.S., echoing concerns from industry leaders who believe the former president actively discouraged Bitcoin adoption.
On the other hand, Donald Trump has pitched himself as the “crypto president” with his pro-crypto stance while vowing to make America the leader in the crypto industry. To support this vision, Tuberville announced plans to reintroduce the Financial Freedom Act. This bill aims to allow Americans to allocate their retirement funds to cryptocurrency investments.
The proposal challenges the Department of Labor’s restrictions on 401(k) investments in crypto. Originally introduced in 2022, the bill has faced resistance in a strict regulatory environment. While some argue cryptocurrencies are too volatile for retirement accounts, Bitcoin’s long-term performance—rising 120% in 2024—suggests potential benefits, though not all digital assets have seen similar success.
Cynthia Lummis Intensifies Efforts on BTC Reserves
On the other hand, Senator Cynthia Lummis is pushing Congress to sign off the Bitcoin Act bill, which required the acquisition of more BTC as part of the US Treasury. In a recent tweet, she once again urged lawmakers to pass the bill and expedite the acquisition process. Lummis strongly believes that the Bitcoin Act bill will help America get its debt under control.
Reasons to pass the BITCOIN Act and buy, baby, buy:
- The Bitcoin Act will help America get our debt under control;
- Only one nation will have the juice to own enough Bitcoin to underpin its currency as the world’s reserve $.
The clock and next block are ticking: Let’s Go! https://t.co/9JxaTLbGeL — Cynthia Lummis (@CynthiaMLummis) March 31, 2025
US National Debt has grown to $33 trillion and is one of the major challenges to look ahead for the Trump administration. BlackRock CEO Larry Fink has warned that the US might lose the Dollar dominance to BTC if the national debt goes out of control, as highlighted in our previous report. But Senator Lummis stressed that establishing a Bitcoin reserve would help safeguard the US dollar’s status as the global reserve currency.
Apart from America, several corporate players have already started including BTC as part of their company Treasuries. During the last quarter, USDT stablecoin issuer Tether added 8,888 Bitcoin to its Treasury.