Digital Asset Legislation Pushed as Trump Embraces Crypto Agenda
Representative Byron Donalds to Introduce Legislation for Strategic Bitcoin Reserve
Representative Byron Donalds plans to introduce a new bill on Friday that will codify an executive order signed by President Donald Trump earlier this month. The executive order establishes a strategic Bitcoin reserve and a US digital asset stockpile, aiming to protect the crypto-friendly policies Trump advocated during his 2024 campaign and his second term.
The proposed legislation will ensure that the reserve and stockpile cannot be overturned by future executive orders, securing the long-term future of crypto policies. The bill will require 60 votes in the Senate and a majority in the House of Representatives, though cryptocurrency policies have gained bipartisan support in Congress.
In a statement, Byron Donalds, a Republican from Florida, emphasized, “For years, Democrats have attacked crypto. Now it’s time for Congressional Republicans to put an end to this.”
Trump’s executive order calls for a Bitcoin reserve within the Treasury Department, aimed at securing around 200,000 Bitcoin that the U.S. government currently owns. The goal is to grow these holdings as Bitcoin’s value increases. The order also allows the Treasury and Commerce Departments to develop strategies to acquire more Bitcoin for the reserve without costing taxpayers. Additionally, it prohibits the sale of Bitcoin in the reserve and sets up a stockpile for other digital assets owned by the government, including those from asset forfeiture proceedings.
