reasury Secretary Scott Bessent says the US is moving forward with a strategic Bitcoin reserve and wants the CLARITY Act passed this summer.
Bitcoin News
Treasury Secretary Scott Bessent told the Senate Finance Committee on June 3 that the government is building a strategic Bitcoin (BTC) reserve. He said the work is moving at a "deliberate speed." Bessent spoke during a hearing on the 2027 federal budget.
He also urged senators to support a major crypto bill. Bessent said he wants the CLARITY Act passed this summer. "It's very necessary to bring US best practices onshore," he told the committee.
CLARITY Act Stalls in Senate Over Stablecoin Rewards
The CLARITY Act would create the first federal rules for digital assets. A version passed the full House last year. It has been held in the Senate since then.
Senators remain split on several parts of the bill. They disagree on how to treat stablecoin rewards. They also differ on protections for software developers and on conflicts of interest tied to President Donald Trump's crypto ventures. Those disputes have kept the legislation in place for months.
Time to act is running short. Lawmakers are expected to focus on budget bills before the year ends. The November midterm elections will then take up much of their attention.
Reserve Built on Forfeited Bitcoin
The reserve traces back to an executive order Trump signed in March 2025. The order directed the government to hold BTC seized through criminal and civil cases. It also called for a separate digital asset stockpile.
The same order pushed the Treasury to find budget-neutral ways to buy more BTC. Senator Cynthia Lummis (R-WY) has introduced bills to write the order into law, but those efforts have not advanced.
Bessent called the reserve a complex project built on new technology. In April, Patrick Witt, executive director of the President's Council of Advisors for Digital Assets, said a major update was only weeks away.
"We are proceeding with all deliberate speed," Bessent said. He added that the team is using best practices so the reserve will last. Bessent is among the strongest backers of Trump's crypto agenda. "I look forward to the CLARITY Act being passed this summer," he told the committee.
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