Members of Congress in the US have met key players from the cryptocurrency sector to discuss potential legislation and to address issues and concerns related to setting up a Bitcoin market and strategic reserve.
The BITCOIN (Strategy) Act is a proposed bill that would establish a Bitcoin strategic organization.BTC) reserve. The Digital Power Network (DPN) and Treasury Council, two of the Digital Chamber’s affiliates and advocates for the organization Digital Chamber hosted the discussion.
“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 told Cointelegraph that she is director of public affairs and government policy at Digital Power Network. “Most attendees are looking for next steps, which may mean including the SBR within the broader policy frameworks already advancing.”
Separately 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. met On Tuesday, I met with Coinbase CEO Brian Armstrong and other executives of crypto companies to discuss industry issues. Talks included advancing legislation on market structure that the House of Representatives approved in July.
Another round table discussion was held Wednesday with Republican Leaders on the Senate Banking Committee. According to reports, Wyoming Senator Cynthia Lummis participated. The purpose of this discussion was to examine the progression of a 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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After a one-month recess, the three roundtables showed that Republican legislators were still focused on crypto and blockchain legislation.
Crypto bills under consideration, awaiting votes
The BITCOIN act is 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 supervising and enforcing the regulations relating to crypto.
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Source: cointelegraph.com
