President Donald Trump has signed an executive order to establish a U.S. Digital Asset Stockpile and a strategic reserve that will treat bitcoin as a reserve asset.
The EO came days after Trump ordered the Presidential Working Group to establish a U.S. Cryptocurrency Reserve.
The White House said Thursday the reserve will be funded with the Department of the Treasury-owned bitcoin that was forfeited as part of criminal or civil asset forfeiture cases.
The EO authorizes the secretaries of Commerce and Treasury to develop budget-neutral strategies for acquiring additional bitcoin without imposing incremental costs on taxpayers.
Digital Asset Stockpile
According to the order, the U.S. Digital Asset Stockpile consists of Treasury-owned digital assets forfeited in criminal or civil asset forfeiture proceedings. The secretary of the Treasury may devise strategies for responsible stewardship of such assets, including potential sales from the stockpile.
The EO seeks to ensure a strategic approach to overseeing U.S. digital assets and directs agencies to provide accounting of their digital asset holdings to the President’s Working Group on Digital Asset Markets and the secretary of the Treasury.
Policy for Managing Cryptocurrencies
The new policy intends to address the disjointed management of cryptocurrencies seized through forfeiture by federal agencies by taking steps to centralize control, ownership and management of such assets within the government.
The administration also aims to harness the power of digital assets for national prosperity.
