Congressman Tom Emmer, the Vice Chairman of the Digital Assets Subcommittee, is optimistic about the strategic Bitcoin reserve plan to acquire 1 million BTC being implemented before the end of this Congress. Speaking at the Digital Asset Summit, Emmer highlighted the numerous bills proposing state-level Bitcoin reserves, with 23 US states currently considering legislation in this regard.
Emmer emphasized the committee’s interest in stablecoins, noting their role in expanding access to the US dollar and describing them as an “enhanced form of currency.”
The discussion turned to the recently reintroduced BITCOIN Act, spearheaded by Senator Cynthia Lummis and supported by five Republican Senators. This legislation proposes that the US government acquire up to 1 million BTC over a period of five years. The funding for this acquisition would come from the Federal Reserve’s net earnings and adjustments to Treasury certificates based on the Fed’s gold holdings. The BTC holdings would be managed by the Treasury Department for a minimum of 20 years, with limitations on divestment to ensure the stability of the reserve.
President Donald Trump’s executive order, signed on March 7, outlines separate plans for maintaining a Bitcoin reserve by the US government. This order focuses on using Bitcoin seized by US authorities as a long-term store of value, without specifying specific acquisition or holding timeframes. It mandates that any BTC purchases should be made through budget-neutral strategies devised by Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.
With an estimated 200,000 BTC currently in possession of the US government, the strategic reserve plans signify a significant shift towards recognizing and utilizing digital assets as part of the national treasury.
In conclusion, the legislative efforts and executive orders surrounding Bitcoin reserves demonstrate a growing acceptance and integration of cryptocurrencies into traditional financial systems. As the debate continues, it will be interesting to see how these plans evolve and shape the future of digital asset management at a national level.