Proposed ‘Mined in America Act’ Aims to Bolster Domestic Crypto Mining and Establish Strategic Bitcoin Reserve
Republican Senators Cynthia Lummis and Bill Cassidy have introduced legislation designed to significantly expand the role of digital asset mining within the United States economy. The proposed bill, titled the “Mined in America Act,” also seeks to legally enshrine President Donald Trump’s executive order for a strategic bitcoin reserve into federal law.
Key Takeaways
- The “Mined in America Act” aims to enhance the U.S. crypto mining sector’s contribution to the national economy.
- A key provision of the bill involves formalizing President Trump’s prior executive order to create a strategic bitcoin reserve.
- The proposed legislation includes a voluntary certification program for mining operations and a directive to phase out equipment from adversarial foreign entities.
The legislation, unveiled on Monday, explicitly intends to foster growth in the U.S. cryptocurrency mining industry. Senator Lummis stated that the act aligns with a vision to position the United States as a global leader in digital assets, securing the nation’s financial future through innovative industry initiatives.
This move follows President Trump’s previous public declarations about making the U.S. the world’s “crypto capital.” In March, an executive order was signed to establish a strategic bitcoin reserve, to be funded by bitcoin assets seized by the Department of the Treasury through criminal or civil forfeiture. Senator Lummis had previously reintroduced legislation in March building upon this executive order.
The “Mined in America Act” would mandate the Commerce Department to develop a voluntary certification program for cryptocurrency mining pools and facilities. Crucially, it would also require certified operations to initiate a transition away from mining hardware manufactured by companies associated with foreign adversaries. Senator Cassidy expressed his support for the bill, emphasizing the importance of domestic digital asset mining as a significant economic contributor.
Senator Lummis has been actively involved in advocating for various cryptocurrency-related legislative proposals, including broader market structure reforms and tax adjustments for digital assets. Her current term in the Senate concludes in January 2027, as she has announced she will not seek re-election.
Potential Regulatory Precedent and Legal Implications
The introduction of the “Mined in America Act” signifies a notable shift in U.S. legislative approach towards the digital asset industry, particularly mining. By proposing a voluntary certification program and encouraging the divestment from certain foreign-manufactured equipment, the bill attempts to balance economic expansion with national security concerns. This could set a precedent for future regulatory frameworks that prioritize domestic technological development and supply chain security within burgeoning industries. The establishment of a federally recognized strategic bitcoin reserve, if codified, would introduce a new dimension to the U.S. Treasury’s asset management, creating legal and operational frameworks for managing significant cryptocurrency holdings acquired through enforcement actions. The success and implementation of such a program could influence how other nations approach the regulation and utilization of seized digital assets.
Learn more at : www.theblock.co