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Eagerly Awaited White House Crypto Report Excludes Bitcoin Reserve Discussion

20 hours ago
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White House Cryptocurrency Report Overview

In a significant revelation from a senior official within the Trump administration, it has been confirmed that the eagerly awaited cryptocurrency report from the White House will omit any discussion concerning the establishment of a federal Bitcoin reserve or a dedicated stockpile of digital assets. This comprehensive document, which spans over 160 pages and is packed with multiple recommendations on cryptocurrency policy, notably sidesteps one of the administration’s pivotal aims: the formation of a federal reserve for Bitcoin which would be held indefinitely by the government.

Focus of the Report

The official explained that the focus of the report, stemming from the initial digital asset executive order, was to formulate a clear regulatory framework for the broader cryptocurrency industry rather than to delve into the creation of a Bitcoin reserve. However, they did indicate that the Treasury Department is actively working on the foundational aspects necessary for a Bitcoin reserve and hinted that further updates on the subject might be forthcoming, although no firm commitments were made regarding the nature or timing of those updates.

Executive Orders and Recommendations

President Trump’s inaugural crypto-related executive order from January explicitly directed that the crypto report examine the feasibility of forming a national digital asset stockpile and outline criteria for its establishment. Following this, the president’s Working Group on Digital Asset Markets was tasked with preparing comprehensive recommendations on both a federal cryptocurrency storage solution and an overarching regulatory framework. Subsequently, a second executive order was issued in March, which mandated the establishment of a federal Bitcoin reserve alongside a comprehensive digital asset stockpile that would include other cryptocurrencies already possessed by the government.

Evaluation and Future Updates

This March order stipulated that within 60 days, the Secretary of the Treasury was to produce a thorough evaluation of the legal and investment implications necessary for the management and creation of both the Strategic Bitcoin Reserve and the U.S. Digital Asset Stockpile moving forward. As of now, however, details regarding the findings of this evaluation, which was originally due in early May, have not been publicly disclosed.

Strategic Importance of Bitcoin

Throughout the early days of President Trump’s second term, officials emphasized the significance of treating Bitcoin as a critical strategic asset, comparable to gold, expressing a desire to accumulate as much of the currency as possible. Yet in recent months, concrete information about the operationalization of such a stockpile, the government’s approach to funding Bitcoin acquisitions, or any existing inventory of cryptocurrency held by the U.S. has remained elusive.

Coordination and Input

The White House’s Working Group on Digital Assets, under the leadership of David Sacks, who oversees both AI and cryptocurrency policy, has coordinated input from various federal entities, including the Departments of Treasury, Justice, and Homeland Security, for this upcoming report.

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