Top players in the cryptocurrency world are heading to Washington D.C. this week. Their goal is to push for a new law that would help the United States build a large Bitcoin reserve. This plan involves buying a massive amount of BTC over the next five years.
Key figures like Michael Saylor, co-founder of Strategy, and Fred Thiel, CEO of Marathon Digital Holdings, will be on Capitol Hill. They aim to advance legislation that could see the country acquire up to 1 million bitcoins. This initiative is designed to establish a strategic Bitcoin reserve for the nation.
Defining a Bitcoin Strategy for the U.S.
More than a dozen crypto advocates are gathering for a roundtable discussion. Republican Senator Cynthia Lummis and Representative Nick Begich are hosting this event. Both lawmakers co-sponsor a bill to create a “strategic Bitcoin reserve” for the United States. This information comes from Hailey Miller, who directs government relations and public policy for Digital Power Network (DPN), an affiliate of The Digital Chamber, as reported by afternoon reports.
Back in March, Senator Lummis reintroduced the “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act,” or BITCOIN Act. If it passes, this law would make Bitcoin a strategic asset for the U.S. reserve. This move echoes an executive order by President Donald Trump that created a permanent holding of BTC, much like gold.
The BITCOIN Act proposes buying 1 million BTC over five years. This would happen through “budget-neutral strategies.” The bill builds on Trump’s executive order. That order stopped the sale of Bitcoin and other cryptocurrencies seized by the federal government. It created a separate “stockpile” of crypto assets obtained from criminal or civil cases.
The push for a strategic reserve comes as lawmakers are taking more interest in crypto assets. This past summer, U.S. legislators passed their first specific law for stablecoins. Now, they are looking to create broad regulations for the entire crypto industry.
The Path Ahead for the BITCOIN Act
Miller explained that DPN and other industry supporters want Washington to make creating a strategic Bitcoin reserve a top priority. She noted that a lot has happened in the digital asset space recently. More is expected this fall. Miller stated their main effort is to ensure the BITCOIN Act and the strategic Bitcoin reserve remain important issues.
The bill currently sits with the House Financial Services Committee and the Senate Banking Committee. However, no formal hearings have been set yet. Miller said the roundtable will discuss the next steps for the BITCOIN Act. They will also figure out how to gain support from both major political parties. So far, the bill only has Republican backing.
Other industry executives will also attend, joining Republican participants. These include Haris Basit, chief strategy officer at Bitdeer; Brian Morgenstern, senior vice president of public policy at Riot; and Matt Schultz, CEO of Cleanspark. The presence of these company leaders aims to show that industry and government can work together. They want to create a clear strategic framework for Bitcoin.
DPN will also share a one-page document. It highlights the importance of the BITCOIN Act. The document describes it as a “bipartisan opportunity.” It says the bill can boost the technological and financial competitiveness of the United States on the global stage.
The discussion about a strategic Bitcoin reserve could change the country’s money and technology policies. Supporters believe that official adoption of BTC would do more than solidify its role as a reserve asset. It would also signal U.S. leadership in the digital economy worldwide.