U.S. Senators Bill Cassidy and Cynthia Lummis have introduced the Mined in America Act, which aims to codify U.S. President Donald Trump’s executive order for a Strategic Bitcoin Reserve (SBR). The Bitcoin bill also boosts BTC mining in the U.S., creating a regulatory-friendly environment for miners.
Senators Introduce Mined in America Act To Back SBR
In a press release, Senators Cassidy and Lummis announced they had introduced the Mined in America Act to codify Trump’s order establishing a Strategic Bitcoin Reserve. They also aim to use the crypto bill to bring digital infrastructure to the U.S.
In addition to codifying the SBR, the Bitcoin bill creates a voluntary “Mined in America” certification, directing the Commerce Department to establish a program for crypto mining facilities and mining pools. Furthermore, the bill proposes phasing out foreign adversary-linked mining hardware.
The Mined in America Act also proposes using existing federal energy and rural programs to support the transition. Lastly, it will support domestic manufacturing of mining hardware by directing the National Institute of Standards and Technology and the Manufacturing Extension Partnership to help U.S. manufacturers develop secure and energy-efficient crypto mining equipment.
Commenting on the bill, Senator Cassidy stated that crypto mining has become a big part of the U.S. economy and that mining should be done in America. “This bill will secure supply chains, back U.S. manufacturing, and support this industry,” he added.
Senator Lummis noted that Trump has pledged to make the U.S. the crypto capital of the world and that they are not backing down. “The Mined in America Act brings this industry home through forward-thinking initiatives to secure our financial future. I’m proud to join Senator Cassidy to ensure the future of digital assets is built right here in America,” she said.
Why The Crypto Bill Matters
The Satoshi Action Fund, which supports the crypto bill, explained why it matters, noting that America controls 38% of the world’s BTC hash rate but that 87% of the hardware powering it comes from China. Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, described this arrangement as a “liability” and not leadership.
Porter further remarked that the Mined in America Act breaks the dependency by building a virtuous cycle of domestic manufacturing, certified mining operations, grid-strengthening energy infrastructure, and a pipeline to the SBR. “If we are serious about leading on Bitcoin, we cannot let adversaries hold the keys to our supply chain,” he added.
Notably, this proposed legislation comes as another crypto bill, the CLARITY Act, faces a setback due to the clash between the banks and the crypto industry over stablecoin rewards. These crypto bills face a race against time as the Democrats could take control of Congress following the midterm elections later this year.
Meanwhile, the Bitcoin mining bill comes just as Democratic Senator Elizabeth Warren is probing the Commerce Department for information on how it is addressing “potential national security concerns” posed by the Chinese BTC mining manufacturer Bitmain. The company is reportedly under investigation to determine whether one can remotely use these machines to spy on America.
Source: https://coingape.com/u-s-senate-introduces-mined-in-america-act-backing-strategic-bitcoin-reserve/
