Bitcoin advocates form ‘Treasury Council’ to push for corporate adoption in Congress
A coalition of corporate Bitcoin (BTC) holders introduced the primary members of the Treasury Council on Sept. 16, positioning themselves as advocates for federal Bitcoin adoption.
The Treasury Council consists of 9 chief executives from firms holding Bitcoin in their corporate treasuries, led by Strategy CEO Phong Le, MARA Chairman Fred Thiel, and Riot CEO Jason Les.
The group despatched a formal letter to congressional management endorsing the BITCOIN Act whereas over a dozen crypto advocates met with lawmakers on Capitol Hill.
Executive Director Merris Badcock described the coalition as “an unique management physique” combining corporate executives and policymakers to advance crypto’s position in treasury technique and world finance.
The Treasury Council’s formation displays rising corporate confidence in Bitcoin treasury methods.
Strategy holds over 440,000 BTC, whereas different members, together with CleanSpark, American Bitcoin Corp, and Bitdeer Technologies, preserve important positions.
Capitol Hill advocacy push
Over a dozen crypto advocates are assembly with lawmakers on Capitol Hill on Sept. 16 to focus on and advance a Strategic Bitcoin Reserve in a coordinated motion sponsored by The Digital Chamber, Digital Power Network, and the Treasury Council.
The group presents testimony and trade experience to help legislative development.
According to a post by the Digital Power Network, Nick Begich, Pat Harrigan, Michael Rulli, Bernie Moreno, and Marsha Blackburn. All lawmakers current on the assembly have additionally cosponsored Senator Cynthia Lummis’ reintroduced Bitcoin Act.
The laws requires the federal authorities to purchase up to a million Bitcoin over 5 years, at the moment valued at roughly $116.5 billion.
Funding by way of Fed reserves
The initiative can be funded by way of Federal Reserve internet earnings and Treasury certificates changes primarily based on gold holdings, with up to date valuations protecting prices. The invoice mandates establishing decentralized Bitcoin storage services throughout the US.
All acquired Bitcoin should be held for at the least 20 years, and Treasury Secretaries might not promote greater than 10% of their holdings in any two-year interval.
President Donald Trump signed an executive order on Mar. 6 establishing a Strategic Bitcoin Reserve and Digital Asset Stockpile, directing the federal authorities to retain forfeited crypto as a long-term retailer of worth.
The order makes use of roughly 200,000 BTC in authorities custody as the muse for the reserve.
Under the present govt order, the federal government is not going to actively purchase extra property past seized Bitcoin, disappointing markets that anticipated rapid purchases.
Treasury Secretary Scott Bessent confirmed the administration seeks budget-neutral methods to develop Bitcoin holdings with out taxpayer prices.
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