- Hines said that establishing the necessary infrastructure for the Strategic Bitcoin Reserve initiative requires both time and effort to ensure its ultimate success
- He also added that work on infrastructure is underway and that action is expected in short order
- On July 30, the administration released its first major crypto policy report
Robert “Bo” Hines, the Executive Director of the President’s Council of Advisers on Digital Assets of the White House, had an interview on Crypto in America yesterday.
He reaffirmed that the administration still supports the creation of a Strategic Bitcoin Reserve, stating: “We understand the importance of this Strategic Bitcoin Reserve. We’re enormous fans of Bitcoin and the Bitcoin community. We do believe in accumulation.”
Hines said that establishing the necessary infrastructure for this initiative requires both time and effort to ensure its ultimate success. He also added that work on infrastructure is underway and that action is expected in short order.
Back in March, Trump issued an executive order formally establishing a Strategic Bitcoin Reserve, which treats Bitcoin held by the federal government as a reserve asset, and a US Digital Asset Stockpile for other forfeited crypto assets.
The Bitcoin in the reserve comes primarily from assets seized in criminal or civil forfeiture proceedings, and is not permitted to be sold.
White House crypto report
On July 30, the administration released its first major crypto policy report via the President’s Working Group on Digital Asset Markets.
Over 160 pages long, the report promotes regulatory clarity and infrastructure for blockchain finance, defines the roles of the SEC and CFTC, supports the GENIUS Act and tax reforms, and opposes a central bank digital currency.
However, despite the Bitcoin reserve being mentioned and established in March, notably, it contains only a brief and vague reference to the Bitcoin reserve in its final pages. This came as a surprise since many had expected detailed plans on accumulation.
Industry leaders responded positively to the report’s broader regulatory framework, despite disappointment over the lack of concrete details around the Bitcoin reserve.
Market watchers noted that Bitcoin prices dipped slightly below $116k, reacting to the regulatory news and hesitation about reserve specifics. Still, Bitcoin quickly recovered and is hovering above $118k as of today.
In March, it was estimated that the US government holdings were approximately 200,000 BTC.
While Trump’s administration insists infrastructure is developing, no timetable or acquisition specifics have yet been disclosed regarding the Bitcoin reserve.
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