Members of the United States Congress recently engaged with prominent individuals from the cryptocurrency sector to address various issues and potential legislation aimed at creating a strategic Bitcoin reserve and structuring the market.
This past Tuesday, a bipartisan group of lawmakers, including Alaska Representative Nick Begich and Ohio Senator Bernie Moreno, convened with Strategy co-founder Michael Saylor and others for a roundtable discussion regarding the BITCOIN Act. This proposed legislation seeks to establish a strategic Bitcoin (BTC) reserve. The event was organized by the advocacy group Digital Chamber, alongside its affiliates, the Digital Power Network and Bitcoin Treasury Council.
“Legislators and executives at yesterday’s meeting concurred on the necessity of a Strategic Bitcoin Reserve law to safeguard its future role in America’s financial landscape,” stated Hailey Miller, director of government affairs and public policy at Digital Power Network, in a comment to Cointelegraph. “Most participants are interested in determining next steps, which may involve incorporating the SBR into existing policy frameworks that are currently progressing.”
In a separate meeting, various Republican lawmakers, including House Speaker Mike Johnson, House Financial Services Committee Chair French Hill, and Majority Whip Tom Emmer, met on Tuesday with executives from cryptocurrency firms, including Coinbase CEO Brian Armstrong, to discuss industry-related issues. The discussions focused on advancing legislation concerning market structure, which the House of Representatives approved in July.
On Wednesday, another roundtable was conducted with Republican leaders from the Senate Banking Committee, reportedly featuring Wyoming Senator Cynthia Lummis, to deliberate on the progression of a market structure bill.
Republican senators mentioned that their version, tentatively referred to as the Responsible Financial Innovation Act, builds upon the CLARITY Act, which passed in the House in July and is anticipated to go to committee vote by the end of September.
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The three roundtable meetings indicate that Republican lawmakers are maintaining their focus on legislation pertinent to the crypto and blockchain sector following a month-long recess in September.
Crypto bills under consideration, awaiting votes
The BITCOIN Act aims to formalize an executive order issued by former US President Donald Trump in March, which would open legal pathways for the government to possess up to 1 million BTC in a national reserve.
Meanwhile, the market structure bill, still under review in the Senate, is expected to clarify the responsibilities of US financial agencies in monitoring and enforcing crypto-related regulations.
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