The U.S. White House is set to release its first crypto policy report on July 22. This is based on the executive order that President Donald Trump signed when he first instituted the Digital Assets Working Group.
U.S. White House To Release Crypto Policy Report
According to the executive order, the Working Group was mandated to submit a report to the President within 180 days of the date of the order, which makes July 22 the deadline from when it was signed on January 23. The Working Group is expected to recommend regulatory and legislative proposals that advance the policies established in the order, including the creation of a Strategic Bitcoin Reserve.
The report will include the Working Group’s evaluation of how the U.S. can create and maintain a national digital asset stockpile, as well as propose criteria for establishing such a stockpile. These coins are potentially obtained from cryptocurrencies that the U.S. Federal Government seized through its law enforcement.
Based on the follow-up executive order that Trump signed in March, which established a Strategic Bitcoin Reserve in its entirety, the U.S. White House policy report will also provide an update on the amount of BTC the country holds. The executive order mandated that each federal agency provide the Digital Asset Working Group with a full accounting of all Government Digital Assets in their possession.
The U.S. White House policy report is also likely to highlight the legislative steps that Congress is taking towards codifying the Strategic Bitcoin Reserve into law. Senator Cynthia Lummis has already introduced the BITCOIN Act. The bill proposes that the U.S. acquire 1 million BTC over a five-year period as part of the Bitcoin Reserve initiative.
The bill is likely to take centre stage once the U.S. Senate is done with the CLARITY Act and Anti-CBDC Act. Trump has already signed the GENIUS Act into law, which provides a regulatory framework for stablecoins and ensures that the Federal Reserve doesn’t create a CBDC.
How Much Bitcoin Does The U.S. Actually Own
There has been a recent debate on how much Bitcoin the U.S. owns, which is why the White House policy report is timely. BitcoinTreasuries’ data shows that the country holds 198,012 BTC. However, a recent FOIA response from the U.S. Marshals Service stated that the agency holds only 28,988 BTC.
This represents less than 80% of the amount of Bitcoin the U.S. was believed to hold. However, there is still the possibility that another Federal Agency may be in custody of some of the other coins. Senator Lummis highlighted the concern, noting that if the U.S. has indeed sold over 80% of its BTC reserves, it would put the country at a disadvantage in the race to dominate the Bitcoin space.
Featured image from iStock, chart from Tradingview.com
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