The US Treasury will study and prepare a report on the creation of a bitcoin reserve and the storage of assets in it
- Bill HR 5166 has been introduced in the US Congress.
- It mostly concerns federal spending, but also touches on the Bitcoin reserve and the digital asset reserve.
- In particular, the bill requires the US Treasury Department to study this issue.
- The agency must prepare a report within 90 days of the adoption of the initiative.
Congressman David Joyce introduced the House Appropriations Bill (HR 5166) to Congress. Among other things, it requires the Treasury Department to prepare a comprehensive report on the creation of a Bitcoin reserve and the storage of assets in it.
In particular, Section 137 of the aforementioned bill states that the US Treasury Department must, within 90 days of the bill's entry into force, prepare a report on:
- the practical possibility of creating such a reserve;
- potential obstacles;
- the possible impact of the initiative on the confiscated assets of the agency (seized cryptocurrency);
- display of crypto assets on the government balance sheet;
- contractors responsible for their storage.
Section 138, in turn, requires Treasury Secretary Scott Bessent to submit to the House committees a detailed plan and description of the infrastructure for storing assets in the reserve. This includes security protocols and interagency procedures for transferring these funds.
The bill received approval at the Appropriations Committee level and was brought to the plenary session.
In a comment to Decrypt, Kurt Watkins, founder of Watkins Legal, said that the infrastructure created by the US Treasury Department will likely become a benchmark for the industry as a whole. These are the standards that institutional custodians will be guided by.
Let us recall that on March 7, 2025, US President Donald Trump signed an executive order to create a strategic bitcoin reserve and a digital asset reserve. The latter will include other crypto assets.
At the current stage, according to the decree, both reserves include only confiscated funds. At the same time, an interdepartmental group was instructed to develop a budget-neutral strategy for replenishing the reserve.
Earlier, Bessent said that the authorities do not plan to buy bitcoins, which significantly affected the asset’s rate.
Source: cryptonews.net
