- Senators Bill Cassidy and Cynthia Lummis have submitted a new crypto bill to the Senate.
- The bill will bring crypto mining to the US and establish the Strategic Bitcoin Reserve.
- The Mined in America Act will end America’s reliance on China for mining infrastructure.
US Senators Bill Cassidy and Cynthia Lummis have introduced the Mined in America Act, a new bill aimed at bringing digital asset mining back to the country and bolstering President Trump’s Executive Order to establish a Strategic Bitcoin Reserve.
Securing Supply Chains and Localizing Manufacturing
Informing the public about the bill, Senator Cassidy stated that digital asset mining is a big part of the American economy and should be practiced within the country. He explained that the bill will secure supply chains, focus on US manufacturing, and support the digital asset industry.
Meanwhile, Senator Lummis reiterated their resolve to sustain President Trump’s pledge to make the US the digital asset capital of the world. According to Lummis, the Mined in America Act brings the crypto industry home through forward-thinking initiatives to secure America’s financial future.
Details of the Mined in America Act
The newly proposed bill aims to create a voluntary “Mined in America” certification program under the Department of Commerce for crypto mining facilities and mining pools.
Both Senators also proposed phasing out foreign adversary-linked mining hardware. Under this condition, certified facilities must transition away from mining equipment manufactured by companies affiliated with foreign adversaries. Additionally, the government will use existing federal energy and rural programs to support the transition to local mining infrastructure.
Cassidy and Lummis are requesting that the National Institute of Standards and Technology and the Manufacturing Extension Partnership be directed to help US manufacturers develop secure and energy-efficient crypto mining equipment. Meanwhile, the bill further proposes that the government establish a Strategic Bitcoin Reserve within the Department of the Treasury, thereby codifying President Trump’s original idea.
What People Think About the New Bill
Commenting on the latest bill, Dennis Porter, CEO and Co-Founder of Satoshi Action Fund, noted that America controls 38% of the world’s Bitcoin hash rate, with 97% of the hardware powering the network coming from China. According to him, the Mined in America Act aims to break that dependency by boosting domestic manufacturing, instituting certified mining operations, implementing grid-strengthening energy infrastructure, and creating a pipeline to the Strategic Bitcoin Reserve.
Respondents to Cassidy’s notice about the bill on X approached the issue from different angles. Some cited missing aspects in the bill, such as tax implications and potential environmental fallouts associated with Bitcoin mining. Meanwhile, others commended the Senators’ efforts and expressed optimism in the bill’s actualization.
Related: U.S. Treasury Clarifies Position on Strategic Bitcoin Reserve Plans
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Source: https://coinedition.com/us-senators-introduce-digital-asset-mining-bill-back-trumps-strategic-bitcoin-reserve/
