Representative Byron Donalds is Moving to Lock in President Donald Trump's Bitcoin (BTC) Reserve

Byron Donalds is moving to lock in President Donald Trump's strategic Bitcoin (BTC) reserve, pushing legislation that would make it a permanent part of U.S. policy.

Representative Byron Donalds is introducing legislation to safeguard President Donald Trump’s strategic Bitcoin (BTC) reserve, aiming to cement it within U.S. policy in a move that could be pivotal for the cryptocurrency industry.

Donalds’ bill, which will be named "An Act to Amend the Internal Revenue Code of 1986 to Provide for the Continuance of the Presidential Cryptocurrency Strategy," is a direct response to Trump’s executive order issued in March.

This order mandated the Treasury Department to manage a Bitcoin reserve, utilizing the government’s existing 200,000 BTC coins to be deployed in accordance with Internal Revenue Code Section 451.

However, the administration turnover could potentially lead to the dismantling of this program, rendering Trump’s pro-crypto legacy incomplete.

But with bipartisan support for cryptocurrency heating up on Capitol Hill, and 60 votes needed in the Senate plus a House majority to pass the bill, it could be on the table sooner than expected.

"After years of fierce political battles, especially after the onslaught of the administration’s tyrannical administrative state agenda, now is the time for Congressional Republicans to decisively end this war and punch out the final blow to the enemy," stated Donalds, a Florida Republican, in a statement on Monday.

"We must ensure that the good fight isn’t in vain and that the president’s vision for cryptocurrency is realized in its entirety."

Trump's crypto executive order is a key focus for Donalds, who is a candidate for Florida governor in 2024. He has made cryptocurrency a core pillar of his economic platform.

Donalds' bill comes a week after major crypto executives met with Trump at the White House, showcasing the industry's increasing engagement with top policymakers.

Earlier this year, members of the House Financial Services Committee expressed bipartisan interest in advancing legislation to regulate the cryptocurrency sector.

This follows the House's swift approval of the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, which would define the roles of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) in overseeing crypto markets.

FIT21 now awaits the Senate's input.

Another bill on the Senate agenda is the GENIUS Act, which proposes a federal framework for stablecoins, aiming to establish them as legitimate payment options.

However, the Digital Commodities Consumer Protection Act (DCCPA), which would grant the CFTC more authority over cryptocurrency trading, has faced slower progress.

Despite House approval in December, further action was stalled after the collapse of FTX in November sparked concerns about the adequacy of existing CFTC oversight.