The coalition of corporate Bitcoin (BTC) holders announced its first member of the Financial Council on September 16th, establishing its position as advocates for the adoption of federal Bitcoin.
The Finance Council includes nine CEOs of the company that owns Bitcoin at the Corporate Treasury Department, led by Strategic CEO Von Le, Mara Chairman Fred Thiel and Riot CEO Jason Less.
The group sent a formal letter to Congressional leaders in support of the Bitcoin Act.
Executive Director Meris Budcock described the coalition as an “exclusive leadership organization” and combined corporate executives and policy makers to promote the role of crypto in financial strategy and global finance.
The formation of the Financial Council reflects the growing confidence of businesses in their Bitcoin financial strategy.
The strategy holds over 440,000 BTC, with other members such as CleanSpark, American Bitcoin Corp and BitDeer Technologies in key positions.
Advoca sheepsh on Capitol Hill
More than dozens of crypto advocates will meet with lawmakers at Capitol Hill on September 16th to discuss and move forward on strategic Bitcoin reserves in a coordinated movement sponsored by the Digital Chamber, Digital Power Network and the Financial Council.
The group provides testimony and industry expertise to help advance legislative progress.
According to a post from Digital Power Network, Nick Begich, Pat Harrigan, Michael Ruri, Bernie Moreno and Marsha Blackburn. All lawmakers who attended the meeting also have a common view of the reintroduction of Senator Cynthia Ramis' Bitcoin Act.
The law requires the federal government to acquire up to 1 million Bitcoin over five years, and is currently valued at around $116.5 billion.
Funds from the Fed reserves
The initiative is funded through Federal Reserve Net Income based on gold holdings and Treasury Certificate Adjustments, with the latest valuation covering costs. The bill requires the establishment of decentralized Bitcoin storage facilities across the United States.
All acquired Bitcoin must be held for at least 20 years, and the Secretary of the Ministry of Finance cannot sell more than 10% of the shares held in two years.
President Donald Trump signed an executive order on March 6, establishing strategic Bitcoin reserves and digital assets stockpiles, and instructing them to retain codes confiscated by the federal government as long-term valued storage.
The order uses approximately 200,000 BTC as the basis for the reserve in government detention.
Under the current executive order, the government will not actively acquire additional assets beyond seized Bitcoin.
Treasury Secretary Scott Bessent confirmed that the administration is seeking a budget-neutral strategy to expand its Bitcoin holdings at no cost to taxpayers.
