Members of the US Congress convened with prominent representatives from the cryptocurrency sector to explore issues and potential legislation concerning the creation of a strategic Bitcoin reserve and market structure.
On Tuesday, a delegation of lawmakers, including Alaska Representative Nick Begich and Ohio Senator Bernie Moreno, engaged with Strategy co-founder Michael Saylor and others in a roundtable discussion about the BITCOIN Act, a proposal aimed at establishing a strategic Bitcoin (BTC) reserve. The session was organized by the advocacy group Digital Chamber along with its partners, the Digital Power Network and the Bitcoin Treasury Council.
“Politicians and executives at yesterday’s meeting concurred on the necessity of a Strategic Bitcoin Reserve law to secure its durability for America’s financial future,” stated Hailey Miller, director of government affairs and public policy at Digital Power Network, to Cointelegraph. “Most participants are seeking next steps, which could involve incorporating the SBR into existing policy frameworks that are already in motion.”
In a separate meeting, several Republican lawmakers, including House Speaker Mike Johnson, House Financial Services Committee Chair French Hill, and Majority Whip Tom Emmer, convened with leaders from crypto firms, including Coinbase CEO Brian Armstrong, to discuss industry-related issues. The conversations included progress on legislation for market structure, which the House of Representatives passed in July.
On Wednesday, another roundtable session involving Republican members of the Senate Banking Committee, reportedly including Wyoming Senator Cynthia Lummis, was conducted to address the progression of a market structure bill.
Republican senators indicated that their iteration, tentatively named the Responsible Financial Innovation Act, was founded on the CLARITY Act, which was approved by the House in July and is anticipated to undergo a committee vote by the end of September.
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These three roundtable discussions indicated that Republican lawmakers are maintaining their focus on legislation concerning the crypto and blockchain sector following a month-long break in September.
Crypto bills under consideration, awaiting votes
The BITCOIN Act is anticipated to formalize an executive order issued by US President Donald Trump in March, creating a legal platform for the government to maintain up to 1 million BTC in a national reserve.
Though still under deliberation in the Senate, the market structure bill is expected to clarify the role of US financial agencies in supervising and enforcing regulations pertinent to crypto.
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