US Senators Bill Cassidy and Cynthia Lummis introduced the Mining in America Act, which aims to codify US President Donald Trump’s executive order on the Strategic Bitcoin Reserve (SBR). The Bitcoin bill also promotes Bitcoin mining in the United States, creating a regulatory-friendly environment for miners.
Senators introduce America’s Mining Act in support of SBR
In a press releaseSenators Cassidy and Loomis announced they have introduced the America’s Mining Act to codify Trump’s order to create a strategic bitcoin reserve. They also aim to use the cryptocurrency bill to bring digital infrastructure to the United States
In addition to codifying the SBR, the Bitcoin bill creates voluntary “mined in America” certification, directing the Department of Commerce to create a program to Crypto mining Utilities and mining pools. Furthermore, the bill proposes to phase out foreign mining hardware linked to the rebate.
The Mining America Act also proposes using existing federal energy and rural programs to support the transition. Finally, it will support domestic manufacturing of mining hardware through the National Institute of Standards and Technology’s guidance and the Manufacturing Extension Partnership to help U.S. manufacturers develop safe, energy-efficient cryptocurrency mining equipment.
Commenting on the bill, Senator Cassidy stated that cryptocurrency mining has become a major part of the American economy and that mining should take place in America. He added: “This bill will secure supply chains, support manufacturing in the United States, and support this industry.”
Senator Loomis noted that Trump pledged to make the United States the cryptocurrency capital of the world and that they would not back down. “The Mining for America Act brings this industry back home with forward-thinking initiatives to secure our financial future,” she said. “I am proud to join Senator Cassidy to ensure the future of digital assets is built here in America.”
Why the Crypto Bill Matters
The Satoshi Action Fund, which supports the cryptocurrency bill, explained why it is important, noting that America controls 38% of the world’s Bitcoin hash rate, but 87% of the hardware that powers it comes from China. Dennis Porter, CEO and co-founder of the Satoshi Action Fund, described the arrangement as “responsibility” rather than leadership.
Porter further noted that America’s Mining Code breaks dependency by building a virtuous circle of domestic manufacturing, certified mining operations, energy infrastructure to enhance the grid, and a pipeline to the SBR. “If we are serious about leading the way in Bitcoin, we cannot allow adversaries to hold the keys to our supply chain,” he added.
It is worth noting that this proposed legislation comes as another draft law for cryptocurrencies. The Clarity Act faces a setback Due to the conflict between banks and the cryptocurrency industry over stablecoin rewards. These crypto bills face a race against time as Democrats could gain control of Congress after the midterm elections later this year.
Meanwhile, the Bitcoin mining bill comes as Democratic Senator Elizabeth Warren investigates the Commerce Department for information on how to address “potential national security concerns” raised by Chinese Bitcoin mining company Bitmain. The company is reportedly under investigation to determine whether these devices could be used remotely to spy on America.
