Bessent: US Strategic Bitcoin Reserve Plan is Progressing Steadily

U.S. Treasury Secretary Bessent stated during a Senate Finance Committee hearing that the Treasury Department is advancing President Trump's executive order on establishing a strategic Bitcoin reserve at a "deliberate speed," and emphasized that "best practices" will be adopted to ensure the long-term sustainability of the relevant mechanisms. Bessent noted that the strategic Bitcoin reserve is an entirely new field with a complex implementation process, thus the government is carefully formulating the custody and management framework. Currently, the U.S. government holds approximately 328,400 Bitcoins, valued at around $20.6 billion, primarily acquired through seizures from criminal and civil cases.

Additionally, Bessent called on Congress to advance the digital asset market structure bill, the CLARITY Act. He believes this bill is crucial for maintaining the United States' leading position in digital asset innovation. The bill aims to clarify the digital asset regulatory framework and define when crypto tokens fall under securities or commodities regulatory rules. The relevant legislation has now entered the Senate review process. (Decrypt)