US Treasury Secretary says Bitcoin reserve and CLARITY Act advancing

US Treasury Secretary Scott Bessent told Senate lawmakers his department is pushing to establish a strategic Bitcoin reserve and digital asset stockpile, more than a year after the directive was issued via executive order by President Donald Trump.

Speaking at a Senate Finance Committee hearing on Trump's fiscal year 2027 budget for Treasury on Wednesday, Bessent said the department was "proceeding with all deliberate speed" on the president's 2025 order to establish Bitcoin and digital asset reserves.

The reserve has so far been filled exclusively with crypto seized by the government, and 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 from Senator Tim Scott.

The US currently holds 328,372 BTC in its reserves, worth about $215 billion at the time of publication. (Bessent testifying at Wednesday's hearing. Source: US Senate Finance Committee)

While lawmakers have pushed to codify Trump's executive order into law, individual states like Texas have already passed legislation creating state-controlled crypto reserves.

Related: US Treasury issues sanctions on Iran, targets 4 crypto exchanges 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 — what may be the world's first sovereign, crypto-funded naval protection racket.

Bessent also fielded questions from finance committee chair Mike Crapo on the Digital Asset Market Clarity (CLARITY) Act, which has lingered in the Senate for nearly a year after passing the House of Representatives.

"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.

Bessent said the administration was aiming for Senate passage sometime this summer. White House crypto adviser Patrick Witt said in May that Trump wanted a July 4 signing ceremony, but some senators expect passage before August. (Event contract on CLARITY Act timeline. Source: Polymarket)

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