The U.S. Congress will hold a meeting to promote the Bitcoin strategic reserve, with a bill requiring the purchase of 1 million BTC within 5 years

ChainCatcher news reports that, according to Crypto in America, the U.S. Congress held a meeting on September 17 to advance legislation on Bitcoin as a strategic reserve. Several Republican lawmakers, including Senators Ted Cruz and Marsha Blackburn, as well as industry representatives like MicroStrategy founder Michael Saylor, attended the meeting.

The Bitcoin Bill was reintroduced by Senator Cynthia Lummis this March, aiming to classify Bitcoin as a national strategic reserve asset on par with gold, and requires the U.S. government to acquire 1 million Bitcoins over the next five years.

Hailey Miller, policy director of Digital Power Network, stated that there was a strong consensus among the attendees on the necessity of a strategic Bitcoin reserve, and the next step will be to push for its inclusion in a broader policy framework. This proposal is a further extension of the policy previously enacted by President Trump that prohibits the sale of seized Bitcoins.

It is worth noting that this proposal remains controversial outside the cryptocurrency community, and Lummis herself acknowledged that convincing her congressional colleagues may take a long time.