Byron Donalds Plans to Introduce Legislation That Will Formalize President Donald Trump's Recent Executive Order

The executive order created both a strategic Bitcoin reserve and digital asset stockpile within the US Treasury Department operations.

House Representative Byron Donalds plans to introduce legislation on Friday that will formalize President Donald Trump’s recent executive order which created both a strategic Bitcoin reserve and digital asset stockpile within the US Treasury Department operations.

The proposed legislation, which will require 60 votes in the Senate and House majority support amid increased bipartisan support for cryptocurrency-friendly legislation, aims to secure the reserve and stockpile to prevent their status from being modified through executive action by any future president.

The executive order, issued by Trump in December, directs the Treasury Department to set up an official Bitcoin reserve which will hold around 200,000 Bitcoin that are already owned by the US government. These digital assets will continue to grow in value over time, boosting government reserves.

The executive order directs Treasury and Commerce Departments to devise frameworks which will enable the acquisition of Bitcoin without imposing any additional burden on taxpayers for purchasing the apex cryptocurrency. The order specifies that Bitcoin in the reserve cannot be sold or distributed to preserve them for further growth of their value.

Additionally, the executive order designs a digital asset stockpile which includes Treasury-held properties, such as electronic assets which are attained by criminal or civil forfeiture programs, and directs the Treasury Department to develop a framework for managing and liquidating these assets effectively.

This move comes amid a broader push to pass new cryptocurrency legislation and integrate digital assets more fully into the US financial system.

"We need to stop the crypto war that Democrats have been waging for the past few years and begin working together to usher in this new era of economic opportunity," said Donalds, a Republican lawmaker who represents Florida in the House of Representatives.

"I'm proud to be leading the way in my governorship campaign to declare Florida's support for digital assets and Web3 technologies. We can use these innovations to attract new businesses and investments to our state and become the international financial headquarters."

Congress has made significant progress in recent weeks on passing new cryptocurrency legislation, including advancing a bill that would regulate stablecoins and require issuers to back stablecoin payments with either US Dollar or Treasury securities.

The developments highlight the increasing attention to digital assets and their potential to transform the US financial landscape. Lawmakers are working to put in place new policy frameworks that will position America to thrive in the global digital asset economy. The outcome of these legislative initiatives will shape the future of cryptocurrency in the US and set the stage for international crypto policy standards.