U.S. Treasury Secretary Scott Bessent indicated that the Trump administration is still pursuing a strategic Bitcoin reserve. He noted that the Congress needs to get to work on pending crypto legislation.
Treasury Secretary Reveals Progress On The Strategic Bitcoin Reserve
Bessent testified Wednesday during a Senate Finance Committee hearing on the administration’s budget proposals for 2027. He said the Strategic Bitcoin Reserve program was an administration priority that was tied to the national economic goals. Moreover, he stressed that the government will be taking its actions in a measured way while at the same time working on the structure of the reserve.
“And I couldn’t agree more with you that economic security is national security,” Bessent told lawmakers. He referenced comments he had made previously regarding competitiveness of the U.S. on this topic.
The Treasury Secretary said that “for 25 years the U.S. has been asleep and under President Trump’s leadership, we are moving forward very quickly on that.”
Further, the Treasury Secretary also said that digital assets are part of that initiative. He also pointed out that the government’s plans for Bitcoin are vast. He added that “the Strategic Bitcoin Reserve is something. This is new technology. This is new ground.”
Officials are proceeding cautiously in the reserve, Bessent said as they read more into the details. “We are proceeding with all deliberate speed,” he added.
Moreover, the Treasury Secretary noted that lawmakers are looking for policies that are effective in the future as well. He said, “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.”
In the meantime, the administration is moving forward with President Donald Trump’s executive order that created a Strategic Bitcoin Reserve. Also, previously Trump’s crypto advisor Patrick Witt hinted at a “big announcement” around a national Bitcoin reserve in the coming weeks.
Will The CLARITY Act Pass This Summer?
In addition to the Strategic Bitcoin Reserve push, Bessent reiterated his plea for lawmakers to enact the CLARITY Act. For context, it is a bill that would create a federal regulatory regime for cryptocurrencies.
“I look forward to the CLARITY Act being passed this summer,” he said. Earlier, Senator Cynthia Lummis made a similar statement.
The bill is emerging as one of the most closely followed crypto bills in Washington. The Senate has made slow progress over the last few months on the bill. However, the CLARITY Act just entered the U.S. Senate’s legislative calendar and netizens now expect a full floor vote soon.
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