Treasury Secretary Scott Bessent told The Senate Finance Committee announced on Wednesday the Trump Administration’s commitment to creating the Strategic Bitcoin Reserve of the United States. They expressed their enthusiasm and called on legislators to pass major crypto legislation by the end of the summer.
Bessent attended an hearing before the Committee on “The President’s Fiscal Year 2027 Budget for the Department of the Treasury,” Where senators challenged him to discuss a wide range of fiscal issues.
Bessent tied the Bitcoin Reserve to his national security doctrine, and the exchange was quickly added to the digital assets agenda of the Administration.
“Economic security is national security,” Bessent told the committee — an argument he has been advancing in recent weeks, including in a major address at the Reagan National Economic Forum in California, where he argued that America had been “asleep” Before President Trump’s election, the United States spent 25 years focusing on economic security. Trump has reversed the course of economic security, said he.
Strategic Bitcoin Reserve of the United States
Bessent’s confidence was measured on the Reserve itself. “We are proceeding with all deliberate speed,” “He said” “And we are making sure…we use best practices and things will be durable for the future.”
He acknowledged that standing up the reserve is a complex, unprecedented undertaking — “new technology,” “new ground” — but signaled no retreat.
Strategic Bitcoin Reserve was established Executive order on March 6, 2020, currently has an estimated 328.372 BTC valued at about $25 billion.
Not open-market sales, but criminal forfeitures. The Executive Order prohibits Treasury from selling these coins, and directs them to create budget-neutral acquisition strategies.
To give the reserve a permanent legal foundation, Congress has been weighing the BITCOIN Act — sponsored by Sen. Cynthia Lummis of Wyoming — which would authorize Treasury purchases 200,000 BTC annually over five years. This will total one million bitcoins held for 20 years minimum.
The reserve is based on the executive power of a president that could be revoked without congressional action.
Bessent, on Wednesday, made it very clear that he is looking for a strong legislative base. In addition to the push towards bitcoins, he also called directly upon lawmakers to adopt the Clarity Act.
“I look forward to the Clarity Act being passed this summer,” The committee heard him.
This bill was approved by the Senate Banking Committee by a 15-9 vote The May announcement would define when cryptocurrency tokens will be classified securities or commodities.
The combination of the reserve and the Clarity Act represents the most substantial federal crypto policy push in U.S. history — and on Wednesday, Bessent put his name behind both.
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Source: bitcoinmagazine.com
