US Treasury Secretary Scott Bessent says the federal government is making progress on setting up a strategic Bitcoin reserve and supports the Digital Asset Market Clarity (CLARITY) Act. Speaking to the Senate Finance Committee, Bessent said the Treasury is moving forward “with all deliberate speed” to carry out President Donald Trump’s executive order to create a national Bitcoin reserve and digital asset stockpile.
These comments offer one of the clearest updates so far on the administration’s digital asset reserve plans. Bessent said the government is working on a framework to manage crypto assets for the long term, making sure the process is strong and follows best practices.
The United States now holds over 328,000 Bitcoin, worth more than $215 billion, making it one of the largest government holders of the cryptocurrency. Most of this Bitcoin comes from assets seized by law enforcement. Officials have not said if they plan to buy more.
Bessent also spoke in favour of the CLARITY Act, a bill meant to set clearer rules for digital asset markets. The law aims to clarify which regulators handle securities and which handle commodities, a key issue that has caused uncertainty in the crypto industry.
The Treasury Secretary said clear rules are needed to bring innovation and investment back to the US. He urged lawmakers to support the bill, saying a steady framework would help the US lead in financial technology and digital assets.
The administration hopes to get Senate approval this summer, which could lead to one of the biggest crypto regulatory changes in years. If the law passes, it would give much-needed guidance to exchanges, token issuers, and investors, and support other government efforts on digital asset reserves.
A few years ago, they called our idea fringe. Today the Treasury Secretary @SecScottBessent testified before the Senate Finance Committee about building a Strategic Bitcoin Reserve and passing the Clarity Act. This is what winning looks like! https://t.co/7H51Ife4He
— Senator Cynthia Lummis (@SenLummis) June 3, 2026
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment