Scott Bessent · US Senate · CLARITY Act · U.S. Treasury · Donald Trump · Bitcoin Magazine
Treasury Secretary Scott Bessent told the Senate Finance Committee that the Trump administration is moving forward
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Treasury Secretary Scott Bessent told the Senate Finance Committee on Wednesday that the Trump administration is committed to building out the United States’ Strategic Bitcoin Reserve, expressing enthusiasm for the effort and calling on lawmakers to advance major crypto legislation before the summer’s end.
Key facts
- The Strategic Bitcoin Reserve was established by executive order on March 6, 2025, and currently holds an estimated 328,372 BTC, valued at roughly $25 billion
- The bill, which cleared the Senate Banking Committee by a 15-9 vote in May, would establish a comprehensive regulatory framework for digital assets, defining when crypto tokens are classified
- Bessent appeared before the committee at a hearing on “The President’s Fiscal Year 2027 Budget for the Department of the Treasury,” where senators pressed him on a range of fiscal priorities
- Treasury Secretary Scott Bessent told the Senate Finance Committee that the Trump administration is moving forward with a Strategic Bitcoin Reserve and urged Congress to pass the BITCOIN Act
Summary
Treasury Secretary Scott Bessent told the Senate Finance Committee that the Trump administration is moving forward with a Strategic Bitcoin Reserve and urged Congress to pass the BITCOIN Act and Clarity Act to solidify and expand the effort. Bessent appeared before the committee at a hearing on “The President’s Fiscal Year 2027 Budget for the Department of the Treasury,” where senators pressed him on a range of fiscal priorities. The exchange quickly moved into the administration’s digital asset agenda, with Bessent tying the bitcoin reserve to his broader national security doctrine.