Congressman Donalds Introduces a Bill to Solidify Trump's Executive Order for a Strategic Bitcoin Reserve

The bill seeks to protect the Bitcoin reserve from future executive reversals and outlines budget-neutral strategies for increasing holdings.

Congressman Byron Donalds is introducing a bill to solidify President Donald Trump’s executive order to create a strategic Bitcoin (BTC) reserve and a national crypto stockpile.

The bill, which is likely to gain bipartisan support, aims to ensure the initiative is not dismantled by future presidents through executive action.

President Trump’s executive order, issued in December 2023, directs the Treasury Department to explore budget-neutral strategies for expanding Bitcoin holdings.

Currently, the U.S. government holds around 200K BTC seized from criminal activities.

Recently, there has been a bipartisan push for the U.S. to begin accumulating Bitcoin.

Among the suggestions for how the U.S. could increase its Bitcoin holdings are Bitcoin-backed bonds and accepting crypto for tax payments.output: Congressman Byron Donalds will introduce a bill on Friday to solidify President Donald Trump’s executive order to create a strategic Bitcoin (BTC) reserve and a national crypto stockpile.

Donalds’ bill is likely to gain bipartisan support in the House of Representatives, while it needs at least 60 votes in the U.S. Senate to pass.

The Trump administration saw an influx of bipartisan support for cryptocurrency and blockchain technology. This factor makes it likely that Donalds’ bill will pass with strong backing.

“For years, the Democrats waged war on crypto. Now is the time for Congressional Republicans to decisively end this war,” Donalds noted.

The intent is to prevent future presidents from dismantling the strategic Bitcoin reserve and crypto stockpile through executive action.

The issue of digital assets has created a wedge between Democrats and Republicans in recent years.

Trump’s executive order also allows the Treasury Department to find ways to expand Bitcoin holdings without adding to taxpayer burdens. Currently, the U.S. government holds around 200K BTC seized from criminal activities and plans to grow this reserve using budget-neutral strategies.

Experts suggest several ways the U.S. government could acquire more Bitcoin:

U.S. Senator Cynthia Lummis has proposed that the government buy at least 2024 BTC annually, aiming to accumulate 1 million BTC in five years. This move could reduce Bitcoin’s supply, increasing demand and potentially driving prices higher across the crypto market.