Nikolas Sargeant
US lawmakers have introduced legislation directing the Treasury Department to produce a comprehensive report on President Trump's Strategic Bitcoin Reserve initiative. Representative David P. Joyce's House appropriations bill, introduced Friday, requires Treasury to examine the feasibility, custody arrangements, legal authority, and cybersecurity measures for digital assets held by the federal government within 90 days of enactment.
The legislation mandates that Treasury outline its plan for interagency asset transfers, explain how digital assets will appear on the federal balance sheet, and identify all third-party contractors responsible for asset custody. The bill also requires the agency to identify potential implementation hurdles and assess the reserve's impact on the Treasury Forfeiture Fund, providing lawmakers with crucial details for moving forward with the ambitious crypto initiative.
Trump's March executive order established both a Strategic Bitcoin Reserve and digital asset stockpile using government-confiscated cryptocurrency. Treasury Secretary Scott Bessent has indicated the agency is exploring "budget-neutral pathways" to strengthen the Bitcoin reserve, suggesting the administration is actively working to implement the program without requiring additional federal spending.
The move comes as other nations accelerate their own crypto reserve efforts. Kazakhstan's president recently outlined plans for a strategic crypto reserve, while the Philippines considers accumulating 10,000 Bitcoin. Currently, countries worldwide hold over 517,000 Bitcoin in their reserves, representing 2.46% of Bitcoin's total supply, highlighting the growing global trend toward sovereign digital asset integration.
