US Bitcoin Reserve Moving Ahead at ‘Deliberate Speed’: Bessent

The Treasury chief told senators the administration is using “best practices” in implementing Trump’s Bitcoin reserve order.

By Decrypt Agent

Edited by Stephen Graves

In brief

U.S. Treasury Secretary Scott Bessent testified before the Senate Finance Committee on June 3 about the 2027 budget and crypto policy.Bessent said Treasury is proceeding with “deliberate speed” on establishing a strategic Bitcoin reserve mandated by Trump’s March 2025 executive order.He urged lawmakers to pass the CLARITY Act this summer, calling it “necessary” for U.S. competitiveness in digital assets.U.S. Treasury Secretary Scott Bessent told a Wednesday hearing of the Senate Finance Committee that his department is proceeding with “deliberate speed” on President Donald Trump’s order to establish a strategic Bitcoin reserve.During questioning about implementation challenges, Bessent emphasized the administration’s methodical approach to the unprecedented initiative. “We are making sure that as we are doing this complicated process, that we use best practices and things will be durable for the future,” Bessent said, adding that the strategic Bitcoin reserve is “new ground.”

The U.S. currently holds 328,372 BTC worth $20.6B, per BitcoinTreasuries, acquired through criminal and civil forfeitures. Trump signed an executive order establishing the strategic Bitcoin reserve framework in March 2025, directing Treasury to develop custody and management protocols for the government’s digital asset holdings.

Senator Cynthia Lummis (R-WY), whose BITCOIN Act would authorize the government to buy up to one million BTC, lauded Bessent’s remarks in a tweet. “A few years ago, they called our idea fringe,” she said. “This is what winning looks like!”

Treasury Secretary Bessent also advocated for legislative action on digital asset regulation, framing the Digital Asset Market Clarity Act as essential for maintaining U.S. leadership in crypto innovation. “It’s very necessary to bring U.S. best practices onshore, and we work tirelessly in terms of custodying these assets and making the U.S. the innovation capital of the world,” he told senators, adding that, “I look forward to the Clarity Act being passed this summer.”The act aims to create a comprehensive regulatory framework for digital assets and would define when crypto tokens fall under securities or commodities oversight. The Senate Banking Committee last month voted to advance the legislation to a full Senate vote, where it faces a challenging passage

In April, White House crypto adviser Patrick Witt hinted at a “breakthrough” on the U.S. Bitcoin reserve, as Rep. Nick Begich (R-AK) reintroduced his House companion to the BITCOIN Act, the “American Reserves Modernization Act.” Congressional efforts to formalize the reserve gained momentum in May with the proposal of the ARMA bill, which aims to enshrine the program into law.