In the evolving saga of cryptocurrency, a curious question lingers: Why hasn’t the United States embraced a Bitcoin reserve yet? Despite former President Donald Trump’s ambitious executive order from March 2025 to set aside digital assets like Bitcoin as a long-term investment for the government, progress seems to be sluggish. The Treasury Department was tasked with devising a plan by early May, but the details remain elusive, raising eyebrows within the crypto community.
The Unseen Blueprint
Although the deadline for a public plan has come and gone, Bo Hines, one of Trump’s chief crypto advisers, hinted that the administration is under no obligation to make the report public. “There’s nothing in the executive order that mandates that report becomes public,” Hines stated, though he left the door open for potential transparency down the line. The administration has embarked on a government-wide audit to assess the digital assets held by various federal agencies, including those from civil and criminal seizures. Hines confirmed that the numbers are in, marking the beginning of establishing the reserve’s infrastructure.
This executive order marks a stark departure from previous administrations that were wary of the crypto space, often citing concerns about its volatility. Since Trump’s directive, Bitcoin’s price has surged by 25%, a testament to the market’s renewed confidence—or perhaps its speculative nature. For more on Trump’s evolving stance on Bitcoin, see Donald Trump and Bitcoin: From ‘Not a Fan’ to Crypto President—With His Own Meme Coin.
Legislative Labyrinth
Meanwhile, lawmakers are navigating the legislative maze to operationalize the order. Senator Cynthia Lummis, a staunch advocate for crypto, is at the forefront with her BITCOIN Act, aiming to transform Trump’s vision into law. She sees this as a pivotal step toward addressing America’s economic challenges. However, she acknowledges the pressing need for broader crypto legislation encompassing market structures and stablecoins, which have taken precedence.
Representative Nick Begich, echoing Lummis’ sentiments, is pushing for parallel legislation in the House. He remains optimistic that once foundational crypto regulations are in place, focus will shift to integrating Bitcoin into the U.S. reserves. Yet, with market structure bills still mired in uncertainty, it’s unclear when Congress will pivot to the reserves. Senator Tim Scott has set a new target for September 30, but much hinges on the House’s strategy.
A New Kind of Reserve
The proposed BITCOIN Act is ambitious, seeking to acquire a million Bitcoins—5% of the global supply—over five years. This would align the U.S.’s Bitcoin holdings with its gold reserves, albeit through innovative, taxpayer-friendly funding mechanisms. Begich suggested tapping into the Exchange Stabilization Fund or recalibrating Federal Reserve gold certificates to facilitate these purchases.
Despite the enthusiasm from some quarters, conceptual challenges abound. Unlike traditional reserves such as oil, the Bitcoin stockpile isn’t intended for strategic release. Instead, it represents a long-term investment, signaling a fundamental shift in how the government views digital assets.
State Initiatives and Future Implications
Interestingly, as federal efforts stall, states like Texas are already trailblazing with their own crypto reserves. Trump’s order has catalyzed these initiatives, underscoring a growing recognition of Bitcoin’s value. Yet, as states forge ahead, the federal government’s cautious approach raises questions about its readiness to dive into the crypto waters. A notable example is Arizona, where the state house has cleared a Bitcoin reserve bill funded by seized crypto, as detailed in Arizona House Clears Bitcoin Reserve Bill Funded by Seized Crypto.
The road to a U.S. Bitcoin reserve is paved with complexity and uncertainty. While the administration and lawmakers grapple with legislative hurdles, the crypto community watches with bated breath. As the landscape evolves, the question remains: Will the U.S. seize the opportunity to become a Bitcoin powerhouse, or will it remain on the sidelines of this digital revolution? The coming months could offer some clarity—if lawmakers can navigate the legislative labyrinth and align on a shared vision for the future of digital assets in America.
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This article is based on: Why Doesn’t the U.S. Have a Bitcoin Reserve, Yet?
Further Reading
Deepen your understanding with these related articles:
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- Trump Punts on Crypto Divestment, Says If US Didn’t Have Bitcoin ‘China Would’
- BNB Over Bitcoin? Chinese Company’s Stock Skyrockets on $1 Billion Crypto Treasury Plan
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
