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The morning sound bite from Treasury Secretary Scott Bessent on Thursday briefly rattled Bitcoin markets before a clarification in the late afternoon restored the baseline policy: the United States will not be sellers. “budget-neutral” Options to increase the nation’s Bitcoin stockpile are still on the table. Cynthia Lummis outlined the goal quickly. “America needs the BITCOIN Act,” She called the legislation, in a letter to the editor, the “operative blueprint” for expanding the Strategic Bitcoin Reserve while not utilizing taxpayers.
A Fox Business video that ricocheted through X. Bessent said The government is “not going to be buying” Additional bitcoins and additional, “We’re going to stop selling that,” He was referring to a fund he believed valued at between $15 and $20 billion. By midday, Bitcoin was down about 3.7%. The point that stuck—”we’re not going to be buying”—was clipped and shared widely, but it was only half the story.
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Bessent responded with a clarification note a couple of hours later. “Bitcoin that has been finally forfeited to the federal government will be the foundation of the Strategic Bitcoin Reserve that President Trump established in his March Executive Order,” He wrote. “In addition, Treasury is committed to exploring budget-neutral pathways to acquire more Bitcoin to expand the reserve, and to execute on the President’s promise to make the United States the ‘Bitcoin superpower of the world.'” This course correction aligned the comments of the President with his March 2013 directive, and also the evolving policy debate that followed.
Bitcoin Act is Still the Way to Go
Lummis chaired the Senate Banking Subcommittee on Digital Assets. seized The moment has come to highlight the financial constraints. “Secretary Scott Bessent is right: a budget-neutral path to building SBR is the way. We cannot save our country from $37T debt by purchasing more bitcoin, but we can revalue gold reserves to today’s prices & transfer the increase in value to build SBR. America needs the BITCOIN Act.” She added the following in a reply to Bessent: “I have a ₿ill for that.”
Her posts also flagged ongoing work “with Scott Bessent & Howard Lutnick to identify budget-neutral ways to continue growing our bitcoin reserve & outpacing adversaries in the race.”
Five months ago, the legal and administrative framework for a Strategic Bitcoin Reserve had been set up. On March 6, Trump signed an Executive Order creating the SBR as well as a separate US Digital Asset Stockpile. The order directed agencies to fund the reserve using Bitcoin. “finally forfeited” To the Government and develop budget neutral strategies for future acquisition.
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Lummis’s “BITCOIN Act” This would move the framework of executive policy from executive decision to law and go much further. The latest text lays out a five-year purchase program authorizing up to 200,000 BTC per year—1,000,000 BTC in total—paired with a 20-year minimum holding period and a quarterly, public cryptographic proof-of-reserves regime.
Where Bessent’s remarks intersect—and diverge—with that legislative ambition is gold. While the policy discussion around federal assets intensified, Bessent downplayed formal US gold valuation as a budget lever. Bessent said on Fox Business Thursday that there will be a gold price revaluation. “unlikely.” Lummis, by contrast, is explicitly proposing to mark gold to market in order to seed the SBR without new borrowing—an idea that has migrated from think-piece fodder to bill text but still faces macro, legal, and central-bank-independence scrutiny.
In the end, it is clear that Thursday’s event was more of a change in sequence than a policy shift. Bessent clarified that the Executive Branch will first build up the Strategic Bitcoin Reserve with coins finally forfeited and is currently evaluating ways to increase it without increasing its budget.
BTC was trading at $118.751 as of press time.
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Source: www.newsbtc.com
