United States Advances Strategic Bitcoin Reserve and Legislative Plans
In a recent Senate Banking Committee session, Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, confirmed a significant development. The United States has commenced incorporating seized or previously held Bitcoin into the newly established Strategic Bitcoin Reserve. This announcement was made alongside Chairman Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis.
Progress on Trump’s Strategic Bitcoin Initiative
During this session, Hines addressed inquiries regarding President Donald Trump’s executive order dated March 6, focusing on digital assets. He elucidated that this order mandated a comprehensive accounting led by the Treasury Department. The department has now compiled data from various government agencies, reflecting Bitcoin accumulated over the past decade through means such as criminal forfeitures, civil penalties, and unspent research budgets.
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Hines detailed the upcoming steps, specifying the involvement of multiple actors in holding Bitcoin and the ensuing task of establishing the reserve’s infrastructure. While the publication of a complete audit remains optional, Hines suggested the possibility of making it public eventually.
The administration’s strategic vision is crystal clear. “We’ve consistently described Bitcoin as digital gold,” Hines reiterated, emphasizing the national interest in acquiring substantial Bitcoin reserves. However, this ambition aligns with fiscal constraints to ensure it remains budget-neutral, as stipulated by the executive order.
With optimism, Hines commended the creative strategies being devised, pointing to the senators alongside him as instrumental figures in achieving this goal without imposing a financial burden on taxpayers.
GENIUS Act, CLARITY Legislation, and Bitcoin Accumulation
The responsibility for developing budget-neutral strategies now rests with Capitol Hill. Senator Cynthia Lummis highlighted that the House-approved GENIUS Act, focusing on stablecoins, is anticipated to reach the president’s desk by July. Concurrently, a Senate draft for broader market-structure legislation is expected to progress before the August recess, with Banking Committee discussions scheduled for early September.
David Sacks, known as the “Crypto Czar,” confirmed via X: “Appreciation to Senate Banking Committee Chair Senator Tim Scott and Digital Assets Subcommittee Chair Senator Lummis for outlining a definitive timeline and strategy for comprehensive crypto market structure legislation. The bill is scheduled for introduction before the August recess, with further progress in September. President Trump advocates for clarity in market structure and supports the GENIUS Act on stablecoins. Let’s accomplish this! July promises significant developments with the GENIUS bill signing and CLARITY advancing to the Senate.”
Senator Lummis has previously clarified that upcoming bills addressing stablecoins and the broader market structure will be prioritized in Congress before tackling the proposed Bitcoin Accumulation Act, which aims to authorize further federal Bitcoin acquisitions.
At the time of reporting, Bitcoin was valued at $106,766.
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