US Rep. Byron Donalds to introduce bill codifying Trump’s Bitcoin reserve

3 hours ago

A caller measure acceptable to beryllium introduced successful Congress aims to formalize President Donald Trump’s enforcement bid establishing a US Strategic Bitcoin Reserve, a determination that could further integrate Bitcoin into the nation’s fiscal strategy.

Trump signed an enforcement bid connected March 7 to usage Bitcoin (BTC) seized successful authorities transgression cases to found a nationalist reserve.

The legislation, introduced by US Representative Byron Donalds, seeks to guarantee the Bitcoin reserve becomes a imperishable fixture, preventing aboriginal administrations from dismantling it done enforcement action.

“For years, the Democrats waged warfare connected crypto,” Donalds, a Florida Republican, said successful a connection to Bloomberg. “Now is the clip for Congressional Republicans to decisively extremity this war.”

If the measure is passed, it would guarantee that the Strategic Bitcoin Reserve and the US Digital Asset Stockpile could not beryllium eliminated via enforcement actions by a aboriginal administration.

The measure volition necessitate astatine slightest 60 votes successful the Senate and a House bulk to pass. With Republicans holding a Senate majority — and a mostly much crypto-friendly stance —the measure has a accidental of passing.

According to Bitcoinlaws data, astatine slightest 23 US states person introduced authorities supporting a Bitcoin reserve, reflecting increasing state-level involvement successful integrating crypto into fiscal policy.

A “pivotal moment” for US crypto regulations

The instauration of the Bitcoin reserve-related measure marks a pivotal infinitesimal for the wider crypto industry, not conscionable BTC.

The authorities “aims to cement the reserve arsenic a imperishable fixture, shielding it from reversal by aboriginal administrations,” according to Anndy Lian, writer and intergovernmental blockchain expert.

The measure signals the US government’s intent to integrate Bitcoin into its fiscal framework, Lian told Cointelegraph, adding:

“It builds connected Trump’s earlier enforcement enactment by providing a statutory backbone, perchance clarifying the government’s stance connected integer assets. If passed, the measure could trim uncertainty that has agelong plagued the crypto space, wherever agencies similar the SEC and CFTC person often clashed implicit jurisdiction.”

“A codified reserve mightiness promote a much cohesive regulatory approach, offering businesses and investors a clearer way forward,” helium added.

However, identifying the close backing mechanisms and custody solutions for the Bitcoin reserve is simply a challenging measurement for governmental entities that whitethorn hold the fund’s creation.

Donalds’ measure whitethorn besides supply much clarity connected the government’s aboriginal Bitcoin acquisition strategies. Although the existent program does not impact authorities Bitcoin purchases, the bid does not regularisation them retired successful the future.

The bid authorizes the US Treasury and Commerce secretaries to make “budget-neutral strategies” to bargain much Bitcoin for the reserve, provided determination are nary further costs to taxpayers.