A significant dialogue surrounding the integration of bitcoin into the United States’ national reserves has gained traction following a series of influential roundtable discussions in Washington, D.C. this week. Key figures from both the political sphere and the cryptocurrency industry convened to deliberate on the BITCOIN Act, which proposes that the federal government acquire up to 1 million bitcoins over a five-year period, thereby establishing a Strategic Bitcoin Reserve.
Prominent attendees of these discussions included high-ranking Republican lawmakers such as Sen. Cynthia Lummis (R-WY), Sen. Ted Cruz (R-TX), Speaker Mike Johnson (R-LA), and Rep. Tom Emmer (R-MN). They were joined by leaders in the bitcoin industry, including Michael Saylor, CEO of Strategy, Brian Armstrong, CEO of Coinbase, and Fred Thiel, CEO of Marathon Digital. Advocacy organizations, such as the Digital Chamber and the Digital Power Network, were also present, emphasizing the collective support for the initiative.
The BITCOIN Act, which Sen. Lummis reintroduced in March, builds upon an earlier executive order signed by former President Donald Trump that set the groundwork for a bitcoin reserve and imposed restrictions on the sale of seized coins. The proposed legislation not only aims to hold seized bitcoins but also seeks to acquire additional coins through strategies deemed “budget-neutral.” These strategies may involve revaluing gold certificates and utilizing earnings from Federal Reserve banks.
With the backing of lawmakers and industry professionals, the proposal has sparked considerable enthusiasm. Hailey Miller, the Director of Government Affairs at the Digital Power Network, expressed that there is a widespread recognition among legislators and industry executives of the necessity for a Strategic Bitcoin Reserve law to safeguard America’s financial future.
Contributing to the momentum, Michael Saylor articulated the urgency of the proposal, asserting that “Bitcoin represents economic freedom.” He underscored the importance of the U.S. acting swiftly to preserve its leadership in the rapidly changing financial landscape.
The roundtables revealed an increasing sense of political momentum, particularly among Republicans. Speaker Mike Johnson reassured attendees of the party’s commitment to the initiative, stating, “We’re in this together,” and emphasized that House Republicans would collaborate closely with industry leaders to push the bitcoin reserve initiative forward. This alignment between policymakers and the bitcoin sector signals a notable shift in the dialogue surrounding cryptocurrency at the national level.
