During a recent Senate Finance Committee hearing focused on the fiscal year 2027 budget for the Treasury, US Treasury Secretary Scott Bessent informed lawmakers that the department is actively working to establish a strategic reserve for Bitcoin and digital assets. This initiative comes more than a year after it was initially recommended in an executive order issued by former President Donald Trump.
Bessent emphasized that the Treasury is “proceeding with all deliberate speed” to fulfill the objectives outlined in Trump’s 2025 order regarding the establishment of digital asset reserves. The current reserve comprises cryptocurrency that has been seized by the government, though Treasury officials indicated there are no immediate plans for additional acquisitions as of March.
In response to questions posed by Senator Tim Scott, Bessent highlighted the importance of navigating this new technological landscape with caution and adherence to best practices to ensure sustainability and durability. “We are moving forward very quickly on that,” he stated, affirming that establishing a strategic Bitcoin reserve is a priority for the department as it explores this evolving sector.
As of now, the US holds 328,372 BTC, valued at approximately $215 billion. Efforts are underway by lawmakers to formalize Trump’s executive order into law. Some states, including Texas, have already enacted legislation to create state-managed crypto reserves.
Bessent also addressed inquiries regarding the $1 billion in digital assets seized from Iran amidst ongoing tensions involving the US-Israel conflict. He refrained from confirming whether this amount had been included in the existing crypto reserves. Reports suggest that Iran has been collecting tolls in Bitcoin from vessels navigating through the Strait of Hormuz.
Furthermore, Bessent touched on the Digital Asset Market Clarity (CLARITY) Act, which is under review in the Senate after previously passing the House of Representatives. This legislation is aimed at clarifying the securities and commodities regulations surrounding digital assets. While the Senate Banking and Agriculture committees have approved their versions of the bill, a full chamber vote is contingent on consolidating these proposals.
Bessent expressed optimism regarding the passage of the CLARITY Act, suggesting that it could be approved by summer. He referenced support from the White House, indicating that there are plans for a potential signing ceremony by Trump around July 4, although some senators anticipate that the legislation might clear the Senate before August.
