Crypto execs met with US lawmakers to discuss Bitcoin reserve, market structure bills

Members of the US Congress met with key figures in the cryptocurrency industry to discuss issues and potential laws related to the establishment of a strategic Bitcoin reserve and a market structure.

On Tuesday, a group of lawmakers that included Alaska Representative Nick Begich and Ohio Senator Bernie Moreno met with Strategy co-founder Michael Saylor and others in a roundtable event regarding the BITCOIN Act, a bill to establish a strategic Bitcoin (BTC) reserve. The discussion was hosted by the advocacy organization Digital Chamber and its affiliates, the Digital Power Network and Bitcoin Treasury Council.

“Legislators and the executives at yesterday’s roundtable agree, there is a need [for] a Strategic Bitcoin Reserve law to ensure its longevity for America’s financial future,” Hailey Miller, director of government affairs and public policy at Digital Power Network, told Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.“

Source: Digital Power Network

Separately, several Republican lawmakers, including House Speaker Mike Johnson, House Financial Services Committee Chair French Hill and Majority Whip Tom Emmer, met on Tuesday with executives from crypto companies, including Coinbase CEO Brian Armstrong, to discuss issues related to the industry. The talks included the advancement of legislation for market structure, which the House of Representatives passed in July.

On Wednesday, another roundtable discussion with Republican leaders on the Senate Banking Committee, reportedly including Wyoming Senator Cynthia Lummis, was held to consider the advancement of a market structure bill.

Republican senators said their version, tentatively called the Responsible Financial Innovation Act, was built on the CLARITY Act, which was passed by the House in July and expected to hold a committee vote by the end of September.

Related: US SEC crypto task force to tackle financial surveillance and privacy

The three roundtable discussions signaled that Republican lawmakers were continuing to focus on legislation related to the crypto and blockchain industry after ending a month-long recess in September. 

Crypto bills under consideration, awaiting votes

The BITCOIN Act is expected to codify an executive order signed by US President Donald Trump in March, opening a legal avenue for the government to hold up to 1 million BTC in a national reserve.

The market structure bill, though still under discussion in the Senate, is expected to clarify the role US financial agencies would have in overseeing and enforcing regulations related to crypto.

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