Bessent signals progress on Bitcoin reserve plan

US Treasury Secretary Scott Bessent said the department is advancing plans for a strategic Bitcoin reserve and digital asset stockpile more than a year after President Donald Trump ordered the initiative through an executive action.

Speaking before the Senate Finance Committee on Wednesday, Bessent said Treasury was proceeding “with all deliberate speed” to implement the reserve framework while ensuring the process remains durable and aligned with best practices.

“We are moving forward very quickly on that, and part of that is our digital assets initiative, the strategic Bitcoin reserve is something, this is new technology, this is new ground,”

Said Bessent.

The US government currently holds 328,372 Bitcoin worth approximately $215 billion, with the reserve primarily consisting of digital assets seized through law enforcement actions rather than direct market purchases.

Bessent did not address whether roughly $1 billion in digital assets reportedly seized from Iran since February would be added to the reserve, amid ongoing geopolitical tensions and increased scrutiny of cryptocurrency-linked sanctions enforcement.

The Treasury Secretary also voiced support for the Digital Asset Market Clarity Act, which is under consideration in the Senate after previously passing the House of Representatives and aims to establish clearer rules governing digital asset markets.

Bessent said the administration hopes the CLARITY Act will pass the Senate this summer, as lawmakers continue efforts to create a comprehensive regulatory framework for cryptocurrencies and digital assets in the United States.

At the time of reporting, Bitcoin price was $63,513.56.