Members of Congress in the US have met key players from the cryptocurrency sector to discuss potential legislation and to address issues regarding the setting up of a Bitcoin market and strategic reserve.
The BITCOIN (Strategy) Act is a proposed bill that would establish a Bitcoin strategic organization.BTC) reserve. This discussion was organized by Digital Chamber, its affiliates 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 is the director of Government Affairs and Public Policy at Digital Power Network. She spoke to Cointelegraph. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.”
Several Republican legislators, including House Speaker Mike Johnson and Chair of the House Financial Services Committee, French Hill, as well as Majority Whip Tom Emmer have taken separate positions. met On Tuesday, I met with Coinbase CEO Brian Armstrong and other executives of crypto companies to discuss industry issues. The discussions included the progression of market structure legislation, which was passed by the House of Representatives in July.
A roundtable with Republican Senate Banking Committee leaders, including Wyoming Senator Cynthia Lummis was held on Wednesday to discuss the progress of the market structure bill.
The Republican Senators have said that their version of the bill, called tentatively the Responsible Financial Innovation Act (RFIA), is based on the CLARITY Act which passed the House by July. A committee vote should be held by September’s end.
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Three roundtable discussions showed that Republican members of Congress were still focusing on the industry’s crypto- and blockchain laws after returning from a ten-day recess at the end of September.
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The BITCOIN Act was passed in 2009. expected to codify an executive order Signed by US President Donald Trump, the National Reserve Act allows for up to one million BTC to be held in reserve.
Though still in discussion, the Senate market structure legislation is expected to provide clarity on the role that US financial institutions will play in regulating and overseeing the crypto industry.
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Source: cointelegraph.com
