U.S. Treasury advances Bitcoin reserve plan, targets summer Senate action on CLARITY Act

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US Treasury Bitcoin reserve plan

Highlights

The U.S. Treasury is advancing Trump's 2025 order to build a strategic Bitcoin and digital asset reserve, currently holding 328,372 BTC worth about $215 billion.
Treasury officials confirmed during the Senate Finance Committee hearing that no additional crypto acquisitions are planned beyond assets seized by the government as of March.
The administration aims for Senate passage of the Digital Asset Market Clarity (CLARITY) Act this summer, with Trump targeting a July 4 signing ceremony.

Treasury outlines reserve progress

As reported by the U.S. Senate Finance Committee hearing, Bessent told lawmakers on Wednesday that the Treasury Department is proceeding "with all deliberate speed" on Trump’s 2025 order to establish a strategic Bitcoin reserve and digital asset reserves. He says the department is treating the effort as a long-term institutional process and is focused on building it using best practices that can endure.

Bessent makes the comments during a Senate Finance Committee hearing on Trump’s fiscal year 2027 budget for the department, responding to questions from Senator Tim Scott. He says the reserve initiative is part of a broader Treasury digital assets effort, while acknowledging that the policy is entering new territory for government financial management.

The U.S. currently holds 328,372 BTC, valued at about $215 billion at the time of publication, according to the figures cited in the hearing coverage. The reserve has so far been populated with crypto seized by the government, and Treasury officials had no additional acquisition plans as of March.

Bessent does not say whether the roughly $1 billion in digital assets reportedly seized from Iran since the U.S.-Israel war against the country began in February is included in the reserve holdings. The report also notes that Iran has reportedly collected tolls in Bitcoin from ships seeking safe passage through the Strait of Hormuz.

Senate crypto legislation in focus

Bessent also uses the hearing to back the Digital Asset Market Clarity, or CLARITY, Act, which is under Senate consideration after House passage nearly a year ago. He says the measure is necessary to bring U.S. best practices onshore and links it to the government’s work in custodying and safeguarding digital assets.

The legislation is moving through Senate Banking and Agriculture committees, which have advanced their own versions dealing with securities and commodities oversight. Before any floor vote, the full Senate still needs to reconcile those approaches into a consolidated bill.

Bessent says the administration is aiming for Senate passage sometime this summer. White House crypto adviser Patrick Witt said in May that Trump is targeting a July 4 signing ceremony, though some senators expect the measure to clear Congress before August.

The comments come as federal lawmakers and state governments both push to formalize crypto reserve policies. While Congress considers codifying Trump’s executive order into statute, Texas has already passed legislation to create a state-controlled crypto reserve, underscoring how digital asset policy is developing on multiple levels across the U.S.

Our earlier article on the U.S. Justice Department’s “Disruption Week” described a coordinated crackdown on cyber-enabled crypto investment fraud, including “pig butchering” scam networks operating across Southeast Asia. The initiative disrupted more than 1.4 million scam-linked accounts and infrastructure and led private-sector partners to voluntarily freeze about $3.8 million in cryptocurrency tied to scam proceeds. It also highlighted how reported losses from crypto investment scams have surged in recent years, increasing pressure on industry and regulators to improve safeguards.

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