Congress and Crypto Leaders Meet to Advance Strategic Bitcoin Reserve

Lawmakers from the U.S. Senate and House of Representatives recently met with crypto industry stakeholders to deliberate on key market structures and codify laws for establishing a strategic Bitcoin reserve.

Congress, Industry Leaders Push BTC Reserve and Crypto Reforms

On Tuesday, members of Congress held a roundtable discussion with top industry players, including MicroStrategy co-founder Michael Saylor, about the BITCOIN Act, which seeks to advance the creation of a strategic Bitcoin reserve. 

The advocacy organization Digital Chamber and its affiliates organized the meeting, which saw Ohio Senator Bernie Moreno and Alaska Representative Nick Begich in attendance.

Hailey Miller, Director of Government Affairs and Public Policy at Digital Power Network, noted that attendees acknowledged the need to establish a Bitcoin reserve as a foundation for the broader crypto industry.

Legislators and the executives at yesterday’s roundtable agree, there is a need for a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future. Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.

Hailey Miller

On the same day, Republican lawmakers met with top crypto executives, including Coinbase CEO Brian Armstrong, to discuss industry-related issues. House Financial Services Committee Chair French Hill, Majority Whip Tom Emmer, and Speaker Mike Johnson attended the talks, which focused on the market structure bill passed by the House in July.

Wyoming Senator Cynthia Lummis and Republican leaders on the Senate Banking Committee met again on Wednesday to discuss how to move forward with a market structure bill.

The senators said their proposed pitch, called the Responsible Financial Innovation Act, is based on the CLARITY Act, which the House passed in July. The bill is expected to get a committee vote by the end of September.

Supporters Hail Bitcoin Act as Vital for U.S. Security and Economic Strength

The BITCOIN Act aims to turn into law an executive order signed by President Donald Trump in March, thus effectively allowing the U.S. government to create a national reserve of up to 1 million Bitcoin.

Meanwhile, the market structure bill, still being debated in the Senate, is expected to define how U.S. financial agencies will regulate and enforce rules for the crypto industry.

Proponents of the Bitcoin Act maintain that the pitch is not a partisan issue but a matter of national security and economic strength. So far, only Republican lawmakers back the bill, with no Democratic support. 

For the bill to be approved, both the House Financial Services Committee and the Senate Banking Committee must hold review hearings to deliberate on it. However, neither committee has shown intentions of proceeding with formal discussions.