Skip to main content

US Bitcoin Reserve Build Has Quietly Begun, Confirms Bo Hines

At a Senate Banking Committee hearing yesterday, executive director of the President’s Council of Advisers on Digital Assets Bo Hines sat flanked by Chairman Tim Scott and Digital Assets Subcommittee Chair Cynthia Lummis and confirmed that the United States has already begun moving seized or previously held Bitcoin into the newly created Strategic Bitcoin Reserve.

Trump’s Bitcoin Reserve Play Advances

The disclosure came in response to a question about the execution of President Donald Trump’s March 6 executive order on digital assets. Hines explained that “the EO… mandated an accounting to take place in which the Treasury [is] spearheading that,” noting that the department has now “received the numbers from the different agencies inside of the government.” Those numbers reflect coins accumulated piecemeal over the past decade through criminal forfeitures, civil penalties, and unspent research allocations across multiple departments.

Describing the next phase, Hines told lawmakers that “there are a lot of different actors that held on to some Bitcoin and in some fashion or another,” adding that “now the process begins in […] establishing the reserve, the actual infrastructure behind it, and getting all of that accomplished.”

Hines stressed that publication of the full audit is optional: “There’s nothing in the EO that mandates that that report become public, but we could choose to make it public at some point.”

The administration’s strategic intent is unambiguous. “We’ve stated publicly that Bitcoin is digital gold,” Hines said, repeating language he has used since early March. “We believe it’s in the best interest of the United States to garner as much as we can possibly get.” That ambition, he added, must be squared with the order’s fiscal guard-rails: “Obviously this has to be done in budget-neutral ways that don’t cost the taxpayer a dime. The president was clear about that in the executive order.”

Hines, gesturing to the two senators beside him, struck an optimistic note with regards to acquiring Bitcoin in a budget-neutral way: “I think we have some very creative minds, two of which are sitting up here with me, and I think we’ll begin moving very quickly on that.”

GENIUS First, CLARITY Next, Bitcoin Last

Finding those budget-neutral mechanisms now falls to Capitol Hill. Senator Lummis reminded colleagues that the House-passed GENIUS Act—covering stablecoins—should reach the president for signing in July, while a Senate draft of a broader market-structure bill “is on track before the August recess,” with Banking Committee markup set for the first week of September.

Via X, “Crypto Czar” David Sacks confirmed: “Thank you to Senate Banking Committee Chair Senator Tim Scott and Digital Assets Subcommittee Chair Senator Lummis for announcing a clear timeline and plan for comprehensive crypto market structure legislation: Bill introduced before August recess, Mark up first week of September, Done by end of September. President Trump supports CLARITY on market structure as well as GENIUS on stablecoins. Let’s get this done! July will be a big month, with a bill signing for GENIUS, and CLARITY going to the Senate!”

Previously, Lummis made clear that the forthcoming bills on stablecoins and broader market structure would reach Congress before lawmakers take up the proposed Bitcoin Accumulation Act, which would authorize additional federal purchases of BTC.

At press time, Bitcoin traded at $106,766.

Bitcoin price

from Bitcoinist.com https://ift.tt/IUSt8Gb
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Remains Range-Bound As Volatility Declines – Analyst Explains Price Action

Bitcoin has experienced frustrating price action in recent weeks, leaving investors impatient about its short-term direction. The price has been testing crucial supply levels between $98K and $100K, struggling to break out as uncertainty dominates the market. The lack of a clear move has led to speculation about whether BTC is preparing for a breakout or another correction. Adding to the uncertainty, the market was hit by negative news on Friday when crypto exchange Bybit was hacked, resulting in the theft of $1.4 billion in ETH. The incident caused fear and volatility, briefly dragging prices lower. However, Bybit responded quickly to reassure investors, easing some of the initial panic and stabilizing the market. Despite this, Bitcoin continues to consolidate in a tight range. Crypto expert Daan shared an analysis on X, noting that BTC is still ranging while volatility is steadily decreasing. As price compression increases, traders are on high alert for a potential explosive move....
Post a Comment
Read more

OpenSea Dodges A Bullet As SEC Drops Investigation—Details

In a move that many in the crypto industry view as a positive signal, the US Securities and Exchange Commission (SEC) has officially discontinued its investigation into OpenSea, the leading NFT marketplace. This decision concludes months of uncertainty regarding the regulatory status of NFTs and their classification under US securities laws. SEC Decision Signals A Shift On February 21, 2025, Devin Finzer, the CEO and co-founder of OpenSea, said the SEC will not take any enforcement action against the firm. This comes following the August 2024 Wells Notice to OpenSea issued by the SEC, which indicated the possibility of legal action on alleged unregistered securities offenses. The outcome of this case suggests a possible shift in the way authorities handle NFTs, therefore affecting the whole scene of digital assets. For the industry, this outcome has been seen as a major turning point. Though they are in rivalry with OpenSea, Chris Akhavan, the Chief Business Officer of Magic Eden,...
Post a Comment
Read more