Michael Saylor supports initiative to create strategic bitcoin reserve in the US

Key points:

• A roundtable discussion will be held on Capitol Hill, initiated by Senator Cynthia Lummis and Congressman Nick Begich.
• The bill proposes to form a strategic reserve of 1 million bitcoins.
• Participants include Michael Saylor, Marathon Digital Holdings CEO Fred Thiel, and venture capital fund managers.

Strategy co-founder Michael Saylor, Marathon Digital Holdings CEO Fred Thiel, and other cryptocurrency advocates will gather in Washington to promote a bill that proposes the US purchase 1 million bitcoins. The event will also be attended by the heads of venture capital funds Off the Chain Capital and Reserve One, as well as Andrew McCormick, head of the US division of eToro.

Source: x.com

The roundtable is organized by Senator Cynthia Lummis and Congressman Nick Begich, co-authors of a bill to create a “strategic bitcoin reserve” in the United States.

Essence of the bill

In March, Senator Lummis reintroduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act. Lummis’ bill includes provisions for the purchase of one million bitcoins over five years using “budget-neutral strategies.”

Source: x.com

The document expands on Donald Trump’s executive order prohibiting the sale of bitcoins and other crypto assets that must be held in a separate “reserve” confiscated by the US government in criminal or civil proceedings.

Hailey Miller, director of government relations and public policy at the Digital Power Network (DPN), said:

“There is a lot that’s been done in the digital asset space these last couple of months, and there are a whole lot more items on the agenda for this fall. So our real push is to ensure that the BITCOIN Act and a strategic bitcoin reserve remain a priority.”

The bill is currently under review by the House Financial Services Committee and the Senate Banking Committee. Hearings have not yet been scheduled. Miller expects the roundtable to discuss next steps for the Bitcoin Act and ways to gain bipartisan support. Currently, only Republicans support the bill.

Political background: new appointment to the Fed

The day before, the US Senate confirmed Stephen Miran, a supporter of cryptocurrencies, to the Federal Reserve Board of Governors. Forty-eight senators voted for him, while 47 voted against.

According to Politico, Miran’s confirmation was expedited so that he could take office before the Fed’s interest rate meeting scheduled for Tuesday.