Key Takeaways
- The U.S. Treasury has 90 days to provide a report on the feasibility and technical aspects of its Bitcoin Strategic Reserve and crypto stockpile plans.
- The U.S. currently holds 198,000 BTC; conflicting reports suggest it holds just 28,988 BTC.
- Texas, Arizona, and New Hampshire have approved the creation of their own BTC Reserves.
Although President Donald Trump established a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile through executive order, it appears there’s still some work to do.
Crypto Clarity
A bill introduced by U.S. lawmakers, HR 5166, has requested the U.S. Treasury to investigate and report on the “feasibility” and technicalities of establishing crypto reserves.
“The report shall describe the custody architecture, legal authorities, cybersecurity protocols, and interagency procedures for transferring and holding digital assets.”
This includes examining any potential barriers and the “projected impact” the stockpiles could have on the Department of the Treasury Forfeiture Fund.
It also asks that the Treasury provide a plan on how it intends to represent the assets on the government’s books, third-party contractors/custodians, and the handling of interagency transfers.
The Treasury has 90 days from the date of the Act’s enactment to present its report.
At the state level, Bitcoin reserves are gaining huge momentum. So far, Texas, Arizona, and New Hampshire have become the first to approve their very own BTC reserves.
Similar proposals are pending in over 20 other states.
The Bitcoin Reserve
The U.S. is reportedly in possession of 198,021 Bitcoin tokens worth around $22.3 billion, making it the largest government holding BTC in the world.
This gigantic stash has been created using the proceeds from criminal cases involving Bitcoin.
It’s also sitting on a significant altcoin portfolio, which includes 60,000 Ethereum (ETH), 40,293 Binance Coin (BNB), and tens of millions across several other assets.
However, reports have begun circulating that the U.S. may only hold 28,988 BTC.
Regardless, this latest development may also serve to provide clarity on the actual status of the U.S. crypto portfolio once and for all.
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
