The legislators of the Senate and the House of Representatives of the United States recently met with actors of the cryptocurrency industry to deliberate on the key structures of the market and codify laws to establish a Bitcoin strategic reserve.
In short
- Cryptocurrency legislators and leaders met to discuss the Bitcoin law and an American Bitcoin strategic reserve.
- The proposal aims at a reserve of 1M BTC to strengthen national security and economic resilience.
- Industry executives, including Michael Saylor and Brian Armstrong, participated in the key discussions of the congress.
- Supporters consider Bitcoin law as crucial for American crypto leadership, although Democrats remain skeptical.
Congress and sector leaders are growing for a BTC reserve and Crypto reforms
On Tuesday, members of the Congress held a round table with the main players in the sector, including the co -founder of Microstrategy Michael Saylor, about the Bitcoin law, which aims to advance the creation of a Bitcoin strategic reserve.
The Digital Chamber defense organization and its affiliates organized the meeting, in the presence of the Senator of Ohio Bernie Moreno and the representative of Alaska Nick Begich.
Hailey Miller, director of government affairs and public policies at Digital Power Network, noted that Participants recognized the need to establish a Bitcoin reserve as a basis for the wider crypto industry.
The legislators and executives at the yesterday's round table agree that it is necessary to adopt a law on the Bitcoin Strategic Reserve to ensure its sustainability for the financial future of America. Most participants are looking for the next steps, which could mean including SBR in wider political frameworks already underway.
Hailey Miller
On the same day, republican legislators met with senior Cryptocurrency executives, including CEO of Coinbase Brian Armstrong, to discuss industry issues. The president of the House Financial Services Committee, French Hill, the majority whip Tom Emmer and President Mike Johnson attended the discussions, which focused on the bill on the market structure adopted by the Chamber in July.
The Wyoming Senator Cynthia Lummis and the Republican leaders of the Senate Banking Committee met on Wednesday to discuss the way of advancing a bill on the structure of the market.
The senators said that their proposal, called financial official innovation ACT, is based on the Clarity law, which the Chamber adopted in July. The bill should be submitted to a vote in a committee by the end of September.
Supporters present the Bitcoin law as essential to the security and economic power of the United States
The Bitcoin law aims to transform an executive order signed by President Donald Trump into March, thus effectively allowing the US government to create a national reserve up to 1 million bitcoin.
In addition, the bill on the structure of the market, still under debate in the Senate, should define how American financial agencies will regulate and apply the rules for the crypto industry.
The promoters of the Bitcoin law maintain that the proposal is not a partisan question, but a question of national security and economic force. So far, only republican legislators support the bill, without democratic support.
In order for the bill to be approved, both the House Financial Services Committee and the Senate Banking Committee must hold exam hearings to deliberate. However, none of the committees showed intentions to start formal discussions.
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