Members of the US Congress convened to engage with significant players in the cryptocurrency industry, exploring potential legislation focused on establishing a strategic Bitcoin reserve and the overall market structure. A roundtable discussion took place on Tuesday, involving lawmakers such as Alaska Representative Nick Begich and Ohio Senator Bernie Moreno, alongside prominent cryptocurrency figures including Strategy co-founder Michael Saylor. This meeting was organized by the advocacy organization Digital Chamber, in collaboration with its affiliates, the Digital Power Network and the Treasury Council.
According to Hailey Miller, director of government affairs and public policy at Digital Power Network, participants reached a consensus on the necessity of a Strategic Bitcoin Reserve law, which aims to secure the future role of Bitcoin in America’s financial landscape. Miller highlighted that many attendees were looking for actionable next steps, potentially integrating the Strategic Bitcoin Reserve (SBR) proposal into existing policy frameworks already in development.
In a separate event on the same day, several Republican lawmakers—among them House Speaker Mike Johnson, Financial Services Committee Chair French Hill, and Majority Whip Tom Emmer—met with leaders from the cryptocurrency sector, including Coinbase CEO Brian Armstrong. This meeting addressed various issues pertinent to the crypto industry and examined legislative advancements regarding market structure. Notably, the House had previously passed a related bill in July.
The discussions continued on Wednesday, featuring another roundtable with Republican leaders on the Senate Banking Committee, reportedly including Wyoming Senator Cynthia Lummis. They focused on furthering a market structure bill, which has been provisionally named the Responsible Financial Innovation Act. This forthcoming legislation is expected to build upon the CLARITY Act, which successfully passed in the House and awaits a committee vote by the end of September.
These discussions reflect the ongoing commitment among Republican lawmakers to address legislative matters concerning the cryptocurrency and blockchain industry, especially after returning from a month-long recess in September.
As for specific bills, the BITCOIN Act is anticipated to formalize an executive order signed by former President Donald Trump, allowing the government to maintain a national reserve of up to 1 million Bitcoin. Meanwhile, the proposed market structure bill aims to delineate the responsibilities of US financial agencies in overseeing and enforcing regulations related to cryptocurrencies.
