US legislators have introduced legislation directing US Treasury to produce and examine a feasibility report and consider technical aspects of President Donald Trump’s Strategic Bitcoin Reserve, and the US Digital Asset Stockpile.
House budget bill, presented on Friday by Representative David P. Joyce. It contains two sections which require the Treasury Department’s report to be submitted within 90 calendar days following the bill’s passage. This will include a review of digital assets that are held by federal agencies, including their feasibility, security, custody and legal authority.
The bill requires the agency to also present its plans for interagency transfer, the way assets will appear on the federal balance sheet and any third-party contractors responsible for asset custody.
This also means that the Treasury Department is required to identify potential obstacles in its implementation, and to assess the impact of the reserve on the Department of the Treasury Forfeiture Fund.
Donald Trump was elected US President in March. signed an executive order to establish Both funds would be created using crypto that was confiscated by government. US Treasury Secretary Scott Bessent reiterated this. the agency is also “exploring budget-neutral pathways” To bolster Bitcoin reserves.
New legislation represents a move in US plan to create Bitcoin reserve. The bill will go before the House and, if it passes, then to the Senate.
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The aforementioned is a post Joyce thanked the House Appropriations Committee on Thursday for advancing this broad bill.
“This legislation ensures the federal government is fiscally responsible, leverages new technology, and is focused on national security,” Joyce added.
The crypto-reserve is a priority for other countries
Kassym Jomart Tokayev is the President of Kazakhstan. He laid out his plans Monday in Central Asia. country’s crypto endeavoursIncluded in this is a strategically important crypto reserve.
He proposed creating a fund to collect digital assets. “promising assets in the new digital financial system.”
In August, the Philippines Congress was considering a plan to establish a strategic reserve of 10,000 BitcoinIt could be the first Southeast Asian country to use Bitcoin as an asset.
The total Bitcoin supply is 2.46%. Currently, the number of Bitcoins held by countries in reserve exceeds 517,000 BTC. according Bitbo.
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Source: cointelegraph.com
