White House Crypto Adviser Hints at ‘Breakthrough’ Bitcoin Reserve Move
Over a year after President Trump’s executive order established a U.S. strategic Bitcoin reserve, the White House is preparing a major announcement about the reserve’s legal and operational framework. Despite initial ambitions to buy more Bitcoin for the reserve, Treasury Secretary Scott Bessent maintains that the government will not purchase additional Bitcoin beyond assets acquired through law enforcement seizures, citing the need for congressional appropriation for any new spending. This position restricts the executive branch from buying Bitcoin on the open market or binding future administrations to the reserve policy. A forthcoming legislative effort, the “American Reserves Modernization Act,” will be introduced to gain broader congressional support and potentially allow new acquisitions. However, current policy limits substantial action without Congress’s approval, and any executive initiatives can be quickly reversed by future administrations. Announcements at Bitcoin conferences have had little practical effect on the reserve’s growth under these constraints.
