US Treasury Secretary Scott Bessent told Senate lawmakers that his department is pushing to establish a strategic Bitcoin reserve and digital asset stockpile more than a year after it was called for in an executive order from President Donald Trump.
Speaking at a Senate Finance Committee hearing on Trump’s fiscal year 2027 budget for Treasury on Wednesday, Bessent said that the department was “proceeding with all deliberate speed” on the president’s 2025 order to establish Bitcoin and digital asset reserves. Although the reserve has been filled with crypto seized by the government, Treasury officials had no additional acquisition plans as of March.
“We are moving forward very quickly on that, and part of that is our digital assets initiative, the strategic Bitcoin reserve is something, this is new technology, this is new ground, we are proceeding with all deliberate speed, and we are making sure that as we are doing this in this complicated process, that we use best practices and things will be durable for the future,” Bessent said in response to questions raised by Senator Tim Scott.
Scott Bessent testifying at Wednesday hearing. Source: US Senate Finance Committee
The US currently holds 328,372 BTC in its reserves, worth about $215 billion at the time of publication. While lawmakers have sought to codify Trump’s order into law by Congress, individual jurisdictions like Texas have already passed legislation creating state-controlled crypto reserves.
Related: US Treasury issues sanctions on Iran, targets 4 crypto exchanges
Bessent did not comment on whether the $1 billion in digital assets seized from Iran since the US-Israel war against the country began in February was included in the crypto reserves. Iran has reportedly been collecting tolls in Bitcoin from ships seeking safe passage through the Strait of Hormuz waterway.
Treasury chief expects CLARITY Act could pass this summer
Bessent also addressed questions from finance committee chair Mike Crapo on the Digital Asset Market Clarity (CLARITY) Act, under consideration in the Senate almost a year after being passed by the House of Representatives. Lawmakers on the Senate Banking and Agriculture committees have passed their versions of the bill to address securities and commodities laws and regulations, respectively, but the full chamber will need to consolidate the bills before any vote.
“We saw Congress pass stablecoin legislation, CLARITY Act, which I would encourage everyone to get behind — it’s very necessary to bring US best practices onshore — and we work tirelessly in terms of custodying these assets and keeping them,” said the Treasury Secretary.
Event contract on CLARITY Act timeline. Source: Polymarket
Bessent said the administration was aiming for the bill to pass the Senate sometime this summer. White House crypto adviser Patrick Witt said in May that Trump was aiming for a July 4 signing ceremony, but some senators expect passage before August.
Magazine: NEAR price may ‘grow 20X,’ Bitcoin ETFs post 10-day outflow streak: Hodler’s Digest, May 24 – 30
