French Hill, chairman of the House Financial Services Committee, has expressed his support of President Donald Trump’s executive order, and has announced that he will establish strategic Bitcoin (BTC) reserves and digital asset stockpile.
in Announced statement With the Financial Services GOP X account on March 7, Hill said the move demonstrated Trump’s commitment to maintaining US leadership in digital assets and encouraged the administration to work with Congress in determining its ultimate structure and funding.
He also highlighted the need for accountability and a clear regulatory framework, calling for legislative measures to regulate federal stability and oversight of the digital asset market.
He added:
“Like President Trump, I believe the US must lead digital assets and look forward to working with the administration on the very important steps of enacting federal stability and digital asset market structure laws.”
March 6th, Trump I signed an executive order Establish strategic Bitcoin reserves and digital assets stockpile. The order directed the federal government to maintain seized codes as a long-term storage of value.
Hill has been actively working on crypto regulations. On February 20th, he and three other US lawmakers I sent a letter Collect plans for the agency that regulates and oversees the cryptocurrency activities of regulated financial institutions with the representative chairperson of the Federal Deposit Insurance Corporation (FDIC).
Additioanally, House Financial Services Committee Hearing has been scheduled On March 11th, we will discuss the federal framework for payment stability. Additionally, it addresses the potential consequences of the US Central Bank’s Digital Currency (CBDC).
Bitcoin reservation plan
Under the executive order, the Treasury will manage both Bitcoin reserves and digital asset stockpiles, and will retain non-Bitcoin cryptocurrencies.
As a result, all Bitcoins seized through detectives and citizen confiscation will be placed digitally, equivalent to Fort Knox. Other digital assets obtained through confiscation are held separately in the digital asset stockpile.
Additionally, Treasury Secretary Scott Bescent and Commerce Secretary Howard Luttonick will be responsible for developing a budget-neutral strategy to expand the country’s Bitcoin holdings at no taxpayer costs.
However, the government does not actively acquire additional assets beyond the assets obtained through confiscation for stockpiling.
A full audit of federal digital asset holdings is also required. Estimates suggest that the US government owns around 200,000 BTC.
Despite the seemingly positive news for crypto enthusiasts, the market initially responded negatively because there was no plan to buy more Bitcoin for spares.
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