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Jun 04, 2026Scott Bessent said that the Treasury Department was “proceeding with all deliberate speed” on Donald Trump’s 2025 executive order to establish a strategic Bitcoin reserve and digital asset stockpile.
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.
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.
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.
View Source>> cointelegraph
Developcoins Market View
Treasury Secretary Scott Bessent’s confirmation that the Strategic Bitcoin Reserve is advancing and his support for the CLARITY Act are positive signals for crypto markets. Regulatory clarity could unlock institutional investment, while a government-backed Bitcoin reserve strengthens Bitcoin’s legitimacy. In the short term, macroeconomic factors still dominate. Medium to long term, the outlook remains bullish, especially for Bitcoin and major digital assets. Developcoins continues monitoring regulatory developments, sovereign Bitcoin reserve initiatives, institutional capital flows, and emerging blockchain trends that are shaping the future of the digital asset ecosystem and accelerating mainstream crypto adoption.
