TL;DR:
- Bessent told the Senate the strategic Bitcoin reserve is moving with “deliberate speed” and following best practices.
- The U.S. Treasury currently holds 328,372 BTC valued at $20.6 billion, accumulated through criminal and civil forfeitures.
- Bessent urged Congress to pass the CLARITY Act before the end of summer, calling it “necessary” for U.S. competitiveness in the digital asset market.
U.S. Treasury Secretary Scott Bessent appeared before the Senate Finance Committee to present the 2027 budget and digital asset policy. In his testimony, Bessent stated that the Department of the Treasury is moving with “deliberate speed” in implementing the strategic Bitcoin reserve ordered by President Donald Trump through an executive order signed in March 2025.
When asked about implementation challenges, the official emphasized the administration’s methodical approach. “We are making sure that, in carrying out this complex process, we use best practices so that the results are lasting,” Bessent said, acknowledging that the strategic Bitcoin reserve represents “new ground” for the federal government.
Bessent: “I Hope the CLARITY Act Is Passed This Summer”
The U.S. government currently holds 328,372 BTC valued at approximately $20.6 billion, according to data from BitcoinTreasuries. Those funds were accumulated through forfeitures in criminal and civil cases, and Trump’s executive order instructed the Treasury to develop custody and management protocols for those holdings.
Senator Cynthia Lummis (R-WY), sponsor of the BITCOIN Act —which would authorize the government to acquire up to one million BTC—, celebrated the Secretary’s remarks on social media. “A few years ago they said our idea was fringe. This is what winning looks like,” she wrote on her X account.
Bessent also strongly backed the Digital Asset Market Clarity Act, known as the CLARITY Act, describing it as essential to maintaining U.S. leadership in crypto innovation. “It is very necessary to bring best practices to this country, and I hope the CLARITY Act is passed this summer,” he told the senators. The legislation seeks to establish a comprehensive regulatory framework for digital assets, defining when tokens fall under securities or commodities oversight. The Senate Banking Committee already voted last month to advance it to a full floor vote.
