US Treasury Pushes Bitcoin Reserve and Urges Senate to Pass CLARITY Act

TLDR

• Treasury Secretary Scott Bessent told senators the US is moving forward with a strategic Bitcoin reserve
• The US currently holds 328,372 BTC worth around $215 billion
• Bessent urged the Senate to pass the Digital Asset Market Clarity (CLARITY) Act this summer
• The CLARITY Act passed the House last year but is still stalled in the Senate
• The White House crypto adviser has suggested a July 4 signing ceremony as a target

Treasury Secretary Scott Bessent told members of the Senate Finance Committee on Wednesday that his department is working to build out the US strategic Bitcoin reserve and digital asset stockpile.

Speaking at a hearing on the Treasury’s fiscal year 2027 budget, Bessent said the department was “proceeding with all deliberate speed” on the president’s 2025 executive order to set up the reserve.

The US currently holds 328,372 Bitcoin in its reserves. At current prices, that stash is worth around $215 billion.

The reserve has so far been filled with crypto seized by the government. As of March, Treasury officials had no plans to buy additional Bitcoin on the open market.

Bessent did not say whether digital assets seized from Iran were included in the reserve totals. Iran has reportedly been collecting Bitcoin from ships seeking safe passage through the Strait of Hormuz.

Individual states have not waited for federal action. Texas has already passed legislation creating its own state-controlled crypto reserve.

What the CLARITY Act Would Do

The CLARITY Act aims to regulate digital assets at the federal level for the first time. It would clarify how existing securities and commodities laws apply to crypto.

The bill passed the House of Representatives last year. Senate Banking and Agriculture committees have each passed their own versions, but the full Senate must merge those versions before a final vote can happen.

He said the administration is aiming for the CLARITY Act to pass the Senate this summer.

White House crypto adviser Patrick Witt said in May that President Trump is targeting a July 4 signing ceremony. Some senators believe passage could come before August.

What’s Slowing the Bill Down

The bill has faced delays over several unresolved issues. These include debates over stablecoin rewards, protections for developers, and concerns about conflicts of interest tied to Trump’s own crypto ventures.

The legislative window is getting smaller. Capitol Hill attention is shifting toward budget bills, and the November midterm elections are getting closer.

Senate Finance Committee Chair Mike Crapo also raised the CLARITY Act during the hearing, pressing Bessent on the timeline.

Bessent separately confirmed that Congress passing stablecoin legislation is part of the broader push to establish the US as a leader in digital asset innovation.

No date has been set for a full Senate floor vote on the CLARITY Act.

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