A coalition of corporate Bitcoin (BTC) holders recently made a significant announcement by revealing the first members of the Treasury Council on Sept. 16. This group of executives aims to advocate for federal Bitcoin adoption and promote the use of cryptocurrency in treasury strategies and global finance.
The Treasury Council consists of nine chief executives from companies that hold Bitcoin in their corporate treasuries. The council is led by Strategy CEO Phong Le, MARA Chairman Fred Thiel, and Riot CEO Jason Les. These industry leaders are joining forces to support the BITCOIN Act, a legislative proposal that has gained momentum in Congress.
In a formal letter to congressional leadership, the Treasury Council expressed their endorsement of the BITCOIN Act and highlighted the importance of cryptocurrency in modern financial strategies. Additionally, over a dozen crypto advocates have met with lawmakers on Capitol Hill to discuss the benefits of a Strategic Bitcoin Reserve and the potential impact on the economy.
The formation of the Treasury Council underscores the growing confidence in Bitcoin treasury strategies among corporate entities. Strategy alone holds over 440,000 BTC, while other members such as CleanSpark, American Bitcoin Corp, and Bitdeer Technologies also maintain significant positions in the cryptocurrency.
The Capitol Hill advocacy push on Sept. 16 brought together industry experts and lawmakers to discuss the potential benefits of a Strategic Bitcoin Reserve. The group provided testimony and industry expertise to support legislative advancements, with lawmakers like Nick Begich, Pat Harrigan, Michael Rulli, Bernie Moreno, and Marsha Blackburn showing support for the Bitcoin Act.
The proposed legislation would require the federal government to acquire up to one million Bitcoin over five years, with funding coming from Federal Reserve net earnings and Treasury certificate adjustments based on gold holdings. The bill also mandates the establishment of decentralized Bitcoin storage facilities across the US and requires that all acquired Bitcoin be held for at least 20 years.
President Donald Trump previously signed an executive order on Mar. 6 to establish a Strategic Bitcoin Reserve and Digital Asset Stockpile, using approximately 200,000 BTC in government custody as the foundation for the reserve. Treasury Secretary Scott Bessent has confirmed that the administration is seeking budget-neutral strategies to expand Bitcoin holdings without taxpayer costs.
Overall, the Treasury Council and its advocacy efforts on Capitol Hill reflect a growing interest in cryptocurrency adoption and the potential for Bitcoin to play a significant role in global finance. With industry leaders and lawmakers working together, the future of Bitcoin adoption in the US looks promising.