Strategic Bitcoin Reserve: A Silence from the US Treasury
In a notable move, two months have passed since US President Donald J. Trump signed an executive order to create a Strategic Bitcoin Reserve (SBR), yet the US Treasury Department remains silent on a crucial deadline. The department has neither released nor acknowledged the necessary evaluation that was due recently, raising questions and concerns across various sectors.
Understanding the Executive Order and Its Implications
On March 6, an executive order was issued for Treasury Secretary David Bessent to present a detailed analysis within 60 days. This analysis was to cover the legal and investment considerations essential for the establishment and management of the Strategic Bitcoin Reserve and the United States Digital Asset Stockpile. Key elements included determining the appropriate accounts for these reserves and identifying legislative needs to ensure effective management and administration.
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Lack of Official Communication
As of today, there is no trace of the document on the Treasury’s official website. Additionally, no press statements have been made, and congressional staff from the Senate Banking and House Financial Services Committees have confirmed the absence of any related transmissions to their offices. This silence has left many stakeholders in the dark about the progress and implications of the order.
Repeating Patterns of Silence
The current silence mirrors a previous instance when the administration failed to disclose information. The order also stipulated that within 30 days, all relevant agencies should assess their authority to transfer government-held Bitcoin to the Strategic Bitcoin Reserve. The deadline passed on April 5 without any public disclosure, and the status of these inter-agency audits remains unclear.
Insights from Industry Experts
With no official updates, the only insights come from industry insiders like David Bailey, CEO of BTC Inc. Bailey, a long-time advisor to Trump on digital assets, noted on April 16 that the Bitcoin audit was still incomplete, with some agencies requesting additional time. He indicated that the results might not be publicly available, aligning with earlier comments suggesting the reserve would serve as a “digital Fort Knox,” a term also used by White House crypto advisor David Sacks.
Speculations and Future Outlook
The question now lingers whether the 60-day evaluation will also fade into administrative obscurity. Notably, the executive order does not mandate the public release of the evaluation or any subsequent recommendations from the Treasury.
As this story unfolds, Bitcoin continues to be a focal point in financial discussions, with its current trading value reflecting ongoing market dynamics and interest in digital assets.
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