Strategy co-founder Michael Saylor and other crypto execs join lawmakers in Washington to advance strategic bitcoin reserve bill

Strategy co-founder Michael Saylor, Marathon Digital Holdings CEO Fred Thiel, and other cryptocurrency advocates will be in Washington D.C. on Tuesday to push forward legislation that, if passed, could see the U.S. purchasing one million bitcoins.

Over a dozen crypto advocates will gather Tuesday morning on Capitol Hill at a roundtable hosted by Sen. Cynthia Lummis and Rep. Nick Begich, the Republican cosponsors of a bill looking to establish the United States' "strategic bitcoin reserve," said Hailey Miller, director of government relations and public policy at the Digital Power Network (DPN). DPN is an affiliate of The Digital Chamber.

Sen. Lummis reintroduced the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act," or BITCOIN Act, in March. If passed, the bill would establish a bitcoin as a strategic reserve asset, building upon President Donald Trump's executive order to create permanent bitcoin holdings similar to the country's gold cache . 

Lummis's bill includes language for acquiring one million bitcoin over five years using "budget neutral strategies." The bill expands upon Trump's executive order, which prohibited the sale of bitcoin — and other crypto assets to be kept in a separate "stockpile" — forfeited to the U.S. government through criminal or civil proceedings.

The push for a strategic bitcoin reserve comes as lawmakers continue to advance crypto legislation. This summer, U.S. legislators successfully passed their first crypto-specific bill covering stablecoins and have now set their sights on regulating the crypto industry at large .

Miller said crypto advocates including the DPN want a strategic bitcoin reserve to be a priority and remain a priority in Washington. 

"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," Miller said in an interview with The Block. "So our real push is to ensure that the BITCOIN Act and a strategic bitcoin reserve remain a priority." 

The legislation stands before the House Financial Services Committee and the Senate Banking Committee, both of which have not yet planned a hearing for the bills. Miller said she expected roundtable discussions to involve next steps for the BITCOIN Act as well as how to garner bipartisan support. The bill currently has buy in solely from Republicans. 

Other Republican lawmakers will be attending the roundtable as well as several crypto executives including Bitdeer Chief Strategy Officer Haris Basit, Riot Senior Vice President of Public Policy Brian Morgenstern, and Cleanspark CEO Matt Schultz. 

DPN will also share a one-pager during the roundtable that will highlight why the BITCOIN Act is needed, calling it a "bipartisan opportunity."