President Donald Trump made a significant move late Thursday by signing an executive order that authorizes the federal government to stockpile cryptocurrency assets seized through law enforcement proceedings. This action is aimed at bolstering the digital assets industry.
Building a Strategic Bitcoin Reserve
According to a post by David Sacks on X, the White House’s crypto and artificial intelligence czar, the federal government will retain the bitcoin assets seized by federal law enforcement entities, which will be allocated to a “strategic bitcoin reserve.” The executive order also empowers the Treasury and Commerce departments to develop budget-neutral strategies for acquiring additional bitcoin, ensuring no extra costs on American taxpayers.
Creation of the U.S. Digital Asset Stockpile
In addition to the strategic bitcoin reserve, the executive order establishes a separate “U.S. Digital Asset Stockpile” to house other cryptocurrencies seized by the government. Notably, these reserves are designed to incur no expenses for taxpayers.
Support for the Crypto Industry
This order signifies a broader shift in Washington towards policies that benefit the crypto industry. It precedes a White House crypto summit featuring key figures in the digital assets world.
Trump had initially pledged to create a crypto reserve during a speech at a major bitcoin conference in July. His recent social media announcement regarding including assets beyond bitcoin stirred controversy but also highlighted his administration’s proactive stance in supporting cutting-edge technology and the digital asset industry.
David Sacks expressed gratitude towards the President for his leadership and vision in backing this innovative technology swiftly. He commended the administration’s agility in supporting the digital asset industry, emphasizing its ‘tech speed’ approach.
