The U.S. government has broken its silence about the strategic Bitcoin reserve fund established in March. The idea of a Strategic Bitcoin Reserve similar to gold or oil reserves has become a major goal for cryptocurrency advocates, particularly since the presidential campaign of Donald Trump.
Completing the inventory and the next steps
Initially, the administration faced controversy when the crypto reserve decree favored altcoins rather than Bitcoin, but it was later adjusted. In a recent press conference of the Senate Banking Committee, Bo Hines, Executive Director of the President's Council of Advisors on Digital Assets, confirmed that the inventory phase of Bitcoin at federal agencies has been completed.
Hines emphasized that the U.S. has completed the inventory of the Bitcoin it holds, paving the way for the establishment of practical infrastructure for the Bitcoin Reserve. He stated that the U.S. is "very interested in accumulating more Bitcoin as it believes this is a strategic benefit for the United States," and this process must be "budget-neutral."
Some sources reveal that the White House may publicly disclose the amount of BTC that federal agencies hold to enhance transparency and build trust. Currently, it is estimated that the U.S. government owns about 200,000 BTC, but it has not been accurately audited.
Accumulation mechanisms and legal context
Although a certain amount of BTC has been seized from criminal activities, the U.S. government still needs a clear mechanism to accumulate more Bitcoin if it wants to build a sufficiently large reserve. Hines stated that options are still being considered, which may include cooperation with the private sector or leveraging existing resources without increasing the budget deficit.
However, the Bitcoin Reserve is not the main focus of the press conference. Senators Tim Scott and Cynthia Lummis are more focused on the hot legal issues in Congress, particularly the cryptocurrency bills awaiting passage. Notably, the GENIUS Act – a crucial law aimed at regulating stablecoins – has been passed by the Senate and is awaiting House consideration. Additionally, the Market Structure Bill – a framework bill on crypto market structure – is also being expedited with the goal of passing before the end of September.
The cryptocurrency advocates in Congress are currently fully committed to foundational legal battles, as without a clear legal framework, all efforts to build a Bitcoin Reserve or other crypto strategies by the U.S. risk failure.