Treasury Secretary Scott Bessent told the Senate Finance Committee on June 3 that the Trump administration is committed to expanding the United States’ Strategic Bitcoin Reserve and called on lawmakers to pass the BITCOIN Act and Clarity Act before summer’s end.
Bessent framed the reserve as a matter of national security. “Economic security is national security,” he told the committee. The Strategic Bitcoin Reserve currently holds an estimated 328,372 BTC, valued at approximately $25 billion, according to Bitcoin Magazine.
The reserve was established by executive order on March 6, 2025. All current holdings came from criminal forfeitures and law enforcement seizures rather than open-market purchases. The order prohibits the Treasury from selling coins and instructs the department to develop budget-neutral strategies for acquiring additional Bitcoin.
Bessent emphasized the administration’s methodical approach. “We are proceeding with all deliberate speed. And we are making sure…we use best practices and things will be durable for the future,” he said during testimony.
Legislative Path Forward
The BITCOIN Act, sponsored by Senator Cynthia Lummis of Wyoming, would authorize the Treasury to purchase up to 200,000 BTC per year, targeting 1 million BTC over five years. The legislation would impose a 20-year minimum holding period on reserve assets.
Without congressional action, the reserve’s legal foundation rests solely on executive authority. A future president could rescind the order, making legislative codification critical for durability.
The Clarity Act, which advanced from the Senate Banking Committee in May on a 15-9 vote, would establish a comprehensive regulatory framework for digital assets by defining when crypto tokens are classified as securities or commodities. Bessent signaled urgency on the measure. “I look forward to the Clarity Act being passed this summer,” he said.
Executive Authority Limits
The strategic reserve’s current structure reflects the constraints of executive action. The order prohibits Treasury from selling accumulated Bitcoin and requires the department to identify budget-neutral acquisition methods. Congress would need to appropriate funds or authorize alternative mechanisms to scale holdings beyond current seizures.
Bessent has previously argued that the U.S. had been “asleep” on economic security for 25 years before the Trump administration took office, framing the reserve as part of a broader repositioning of American financial strategy.
