In a pivotal meeting held this week, prominent members of the United States Congress convened with notable cryptocurrency executives to discuss key legislative measures aimed at establishing a strategic Bitcoin reserve and refining the overall market structure of the industry. The roundtable took place on Tuesday and featured a coalition of lawmakers, including Alaska Representative Nick Begich and Ohio Senator Bernie Moreno, as well as crypto industry leaders such as Michael Saylor, co-founder of Strategy.
The gathering was organized by the Digital Chamber in association with its partners, the Digital Power Network and the Bitcoin Treasury Council. Discussions primarily centered around the proposed BITCOIN Act, legislation designed to authorize the creation of a national Bitcoin reserve, enabling the government to hold up to 1 million BTC. This step is viewed as essential for bolstering the United States’ financial stability and competitive position in the global digital economy.
Hailey Miller, who leads government affairs and public policy at the Digital Power Network, emphasized the consensus among participants regarding the urgency of enacting a strategic Bitcoin reserve law. “Legislators and industry executives agreed on the pressing need for a Strategic Bitcoin Reserve law to secure America’s financial future,” Miller remarked in a conversation with Cointelegraph. She indicated that the next steps may involve integrating the SBR into existing legislative frameworks that are already in motion.
In separate discussions on the same day, several Republican lawmakers, including House Speaker Mike Johnson, House Financial Services Committee Chair French Hill, and Majority Whip Tom Emmer, engaged with cryptocurrency leaders such as Coinbase CEO Brian Armstrong. The focus of these talks was on advancing legislation concerning market structure, building on a previous bill already passed by the House.
On the following day, the Senate Banking Committee continued the conversation with a roundtable involving Republican leaders, reportedly including Wyoming Senator Cynthia Lummis. Their discussions concentrated on progressing a market structure bill, which seeks to provide regulatory clarity regarding the oversight of cryptocurrency activities in the United States. This proposed legislation, tentatively titled the Responsible Financial Innovation Act, is being modeled on the CLARITY Act that passed the House earlier this year, with expectations of a committee vote looming in the near future.
The initiation of these three roundtable events signifies a sustained commitment from Republican lawmakers to address ongoing regulatory issues facing the crypto and blockchain sectors after a month-long congressional recess in September.
As discussions ramp up, the BITCOIN Act stands to solidify an executive order signed by former President Donald Trump in March, paving the way for the establishment of a legally recognized national Bitcoin reserve.
Meanwhile, the market structure bill remains under debate in the Senate, anticipated to define more explicitly the roles and responsibilities of U.S. financial agencies in regulating and enforcing guidelines pertaining to cryptocurrencies.
This series of meetings highlights a growing alignment between policymakers and industry leaders, as both parties work toward ensuring a robust and innovative regulatory environment for the cryptocurrency market.
