Crypto industry leaders are mobilizing to advocate for the establishment of a strategic Bitcoin reserve in the United States, highlighting the growing significance of digital assets in the nation’s economic framework. A notable roundtable discussion is scheduled to take place on Capitol Hill, bringing together high-profile figures from prominent organizations such as Strategy, Cardano, and Marathon Digital Holdings.
Among the key participants will be Michael Saylor, co-founder of Strategy; Fred Thiel, CEO of Marathon Digital Holdings; and Charles Hoskinson, founder of Cardano. The meeting, held on Tuesday, will see over a dozen executives and advocates rallying in support of the proposed legislation known as the BITCOIN Act. This bipartisan initiative is co-sponsored by Senators Cynthia Lummis and Representative Nick Begich, both Republicans, aiming to formally designate Bitcoin as a strategic reserve asset for the United States.
If the BITCOIN Act is successfully passed, the federal government plans to strategically accumulate one million BTC over a five-year timeframe, employing what proponents define as “budget-neutral strategies.” This initiative is designed to mirror the approach of the nation’s historical gold reserves, fostering a digital reserve that could significantly bolster America’s financial foundation.
Earlier this year, former President Donald Trump enacted an executive order mandating that all Bitcoin and other digital assets recovered through criminal or civil proceedings be placed into a distinct, permanent government fund instead of being liquidated. The current proposal by Lummis seeks to build on this framework by transitioning Bitcoin from the status of seized property to a proactively gathered reserve asset.
Hailey Miller, director of government relations at the Digital Power Network (DPN), emphasized the importance of the BITCOIN Act during this critical juncture in digital asset policy evolution. “Our real push is to ensure that the BITCOIN Act and a strategic bitcoin reserve remain a priority,” she stated. DPN, associated with the Digital Chamber, plans to distribute a one-page briefing at the roundtable, encapsulating the bill as a cooperative venture transcending party lines.
Advocates of the BITCOIN Act are keen to position Bitcoin not as a contentious political issue, but rather as a matter of national security and economic competitiveness. In a light-hearted confirmation of his involvement, Hoskinson recently posted on social media, “See everyone in DC tomorrow.”
Joining the ranks of other influential industry figures will be Haris Basit, Chief Strategy Officer at Bitdeer; Brian Morgenstern, Senior Vice President of Public Policy at Riot; and Matt Schultz, CEO of Cleanspark. Currently, the bill enjoys support exclusively from Republican lawmakers, as no endorsements have yet emerged from the Democratic side.
For the BITCOIN Act to progress, it will require hearings in both the House Financial Services Committee and the Senate Banking Committee, though no formal discussions have been scheduled as of yet. Interestingly, this summer saw Congress passing its first-ever bill regulating stablecoins, signaling a potential shift towards the integration of digital assets into the official financial landscape of the United States.
