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The U.S. Congress is advancing the Bitcoin Strategic Reserve Act, which aims to purchase 1 million Bitcoins within 5 years.

according to Crypto in America, the U.S. Congress held a meeting on September 17 to promote legislation on strategic reserves for Bitcoin. Many Republican lawmakers, including Senators Ted Cruz and Marsha Blackburn, as well as industry representatives such as MicroStrategy founder Michael Saylor, attended the meeting.

The "BITCOIN Act" was reintroduced by Senator Cynthia Lummis in March of this year. This legislation aims to include Bitcoin as a national strategic reserve asset on par with gold, and requires the U.S. government to acquire 1 million Bitcoins within the next 5 years.

Hailey Miller, policy director of the Digital Power Network, stated that there was a strong consensus among attendees on the necessity of strategic Bitcoin reserves, and the next step will be to incorporate it into a broader policy framework. This proposal is a further extension of the policy previously issued by President Trump prohibiting the sale and seizure of Bitcoin.

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

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