As lawmakers and digital asset industry leaders met for a series of roundtables in Washington, DC, this week they gained the driving force to make it part of Bitcoin in American Civil Reserve.
At the heart of the debate was the Bitcoin Act. This is a bill that will allow the US to acquire up to 1 million bitcoins over the next five years and create a permanent strategic bitcoin reserve.
The meetings held on Tuesday and Wednesday brought together some of the biggest names in the Bitcoin and digital assets sectors in the top Republicans in Congress.
Participants include Sen. Cynthia Ramis (R-WY), Sen. Ted Cruz (R-TX), Sen. Bernie Moreno (R-OH), Sen. Marsha Blackburn (R-TN), Sen. Nick Begich (R-AK), Rep. Pat Harrigan (R-AK), Rep. Pat Harrigan (R-NC), and House Speaker Johnson (R-LA) (R-MN).
On the industry side, participants included Coinbase CEO Brian Armstrong, who was the co-founder of the strategy and one of Bitcoin’s biggest champions, Marathon Digital CEO Fred Thiel, and other executives at mining and digital asset companies.
The meeting was held by advocacy groups such as Digital Chamber, Digital Power Network, and the New Treasury Council.
The core proposal outlined in the Bitcoin Act would build a strategic preparation for up to one million Bitcoin, as if the US government was held as a national protected asset.
Supporters say this will strengthen America’s financial position and ensure the country is the future leader in digital assets.
“Ladies and executives of yesterday’s Round Table agree. [for] Strategic Bitcoin Preparation Act to Secure Lifespan for America’s Economic Future” said Haley Miller, director of government affairs at Digital Power Network.
The bill, reintroduced by Senator Lumith in March, was built on an executive order signed by President Donald Trump, who first established the concept of a Bitcoin sanctuary and banned the government from selling Bitcoin seized in criminal or civil cases.
Lummis’ bill goes further – not only to hold seized coins, but to buy more.
The proposal allowed the government to use a “budget neutral strategy” to fund purchases, including certificates of gold from the Federal Reserve Bank and reassessment of revenue.
Related: We build Bitcoin Reserves using Customs and Gold Revaluation
Michael Saylor is led by Bitcoin’s biggest public owner, with over 638,000 BTC. In the roundtable, Saylor said Bitcoin is more than just an investment.
“Bitcoin represents financial freedom.” He said he urged the US to adopt it as a reserve asset to maintain global financial leadership.
Saylor also pointed out that Bitcoin is already changing the global financial system and that the US must move faster if they want to move ahead.
Other executives, including Bitmine’s Thiel and Tom Lee, have joined the Treasury Department, agreed to send letters to Congress to pass the bill. The letter said that Bitcoin reserves “does not bear systemic risk,” keeping America at the pinnacle of the financial world.
The Round Table also showed increased support within the Republican Party. Speaker Mike Johnson said House Republicans will do “get gloves” with the industry.
“We’re taking part in this together.” Johnson said at a Bitcoin voter PAC event after meeting with digital asset executives and lawmakers.
“(Congress) can have policies that rely on (industry members) insights and expertise to enable further growth and advancement in the industry.”