House Financial Services Committee Chairman French Hill has voiced his support for President Donald Trump’s recent executive order to establish a Strategic Bitcoin Reserve and a digital asset stockpile. In a statement released by the Financial Services GOP X account on March 7, Hill commended Trump for his commitment to maintaining US leadership in digital assets and urged the administration to collaborate with Congress in finalizing the structure and funding of the reserve.
Hill emphasized the importance of accountability and clear regulatory frameworks in the digital asset space. He called for legislative action on federal stablecoin regulations and oversight of the digital asset market. Hill stated, “Like President Trump, I believe the U.S. must lead in digital assets, and I look forward to working with the administration on enacting federal stablecoin and digital asset market structure legislation.”
On March 6, Trump signed the executive order establishing the Strategic Bitcoin Reserve and Digital Asset Stockpile. The order directs the federal government to hold seized crypto as a long-term store of value.
Hill has been actively involved in addressing crypto regulation. He, along with three other US lawmakers, sent a letter to the Federal Deposit Insurance Corporation (FDIC) acting chair, Travis Hill, seeking information on the agency’s plans to regulate and oversee crypto activities of regulated financial institutions.
The House Financial Services Committee has scheduled a hearing for March 11 to discuss a federal framework for payment stablecoins and the implications of a US central bank digital currency (CBDC).
Under the executive order, the Treasury Department will manage both the Bitcoin reserve and the digital asset stockpile, which will house cryptocurrencies other than Bitcoin. Seized Bitcoin will be stored in a digital equivalent to Fort Knox, while other digital assets obtained through forfeiture will be held separately in the Digital Asset Stockpile.
Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick are tasked with developing budget-neutral strategies to increase the country’s Bitcoin holdings without taxpayer costs. However, the government will not actively acquire additional assets beyond those seized for the stockpile.
A comprehensive audit of federal digital asset holdings is mandated, with estimates suggesting the US government owns around 200,000 BTC. Despite the initial negative market reaction due to the lack of immediate plans to purchase more Bitcoin for the reserve, the move signifies a significant step towards solidifying the US’s position in the digital asset landscape.