Treasury Secretary Scott Bessent has told senators that the Trump administration remains committed to expanding the United States’ Strategic Bitcoin Reserve while pressing Congress to pass major crypto legislation this summer.
Summary
- Treasury Secretary Scott Bessent said the Trump administration remains committed to expanding the U.S. Strategic Bitcoin Reserve.
- Bessent told senators that the reserve needs durable rules because it involves new technology and new legal ground.
- The Strategic Bitcoin Reserve was created by executive order and currently holds Bitcoin from criminal forfeitures and seizures.
Bessent made the remarks on Wednesday during a Senate Finance Committee hearing on the Treasury Department’s fiscal year 2027 budget, where questions about federal spending shifted to the administration’s digital asset agenda.
Bessent links Bitcoin Reserve to national security
At the hearing, Bessent tied the Bitcoin reserve to the administration’s economic security policy. He told senators that “economic security is national security,” a message he has used in recent public remarks on U.S. competitiveness and financial policy.
According to Bessent, the administration is moving carefully as it builds the reserve because the project involves new technology and new legal territory. He said Treasury officials are working with “deliberate speed” while trying to use practices that can last beyond the current administration.
His comments gave fresh public support to one of President Donald Trump’s most visible crypto policy moves. The Strategic Bitcoin Reserve was created through an executive order signed on March 6, 2025.
Reserve built from seized Bitcoin
Under the executive order, the reserve consists of bitcoin obtained through criminal forfeitures and law enforcement seizures. The order bars the Treasury from selling the coins and directs officials to explore budget-neutral ways to add more bitcoin.
The reserve currently holds an estimated 328,372 BTC, worth about $25 billion based on the figures cited in the policy debate.
Because the reserve was created by executive order, lawmakers and crypto policy advocates have argued that Congress would need to act if the program is to survive future changes in the White House. Without legislation, a later president could reverse the order.
Lummis bill would put reserve into law
Sen. Cynthia Lummis of Wyoming has sponsored the BITCOIN Act, which would provide the reserve with a statutory basis. Under the proposal, the Treasury would be allowed to buy 200,000 BTC each year for five years.
The bill would bring total planned purchases to one million bitcoin. It would also require the government to hold the bitcoin for at least 20 years.
Bessent told the committee that he wants Congress to provide a stronger legal structure for the reserve. His remarks placed the Treasury secretary behind both the existing executive order and the push for a longer-term law.
During the same hearing, Bessent also urged lawmakers to move forward with the Clarity Act. He told senators that he looks forward to the bill being passed this summer.
The Clarity Act cleared the Senate Banking Committee in May by a 15-9 vote. The bill would create rules for digital assets and define when crypto tokens fall under securities or commodities oversight.
