Treasury Secretary Bessent Advocates for Stablecoin Clarity Act and Bitcoin Reserve

Treasury Secretary Scott Bessent has confirmed that the U.S. is advancing its Strategic Bitcoin Reserve with 'deliberate speed' and urged lawmakers to pass the Clarity for Payment Stablecoins Act before the summer legislative deadline. During a Senate Finance Committee budget hearing, Bessent linked economic security to national security, emphasizing the administration's digital asset priorities. He stated that the U.S. has lagged in economic strategy for decades and current leadership is working to reverse this trend. The Strategic Bitcoin Reserve, established by an executive order on March 6, 2025, currently holds approximately 328,372 BTC, valued at nearly $25 billion, all acquired through criminal forfeitures and enforcement actions. The executive order prohibits the sale of these holdings and directs the Treasury to explore budget-neutral methods for increasing the reserve. Bessent also called for the passage of the Clarity Act, which aims to define digital assets as securities or commodities under federal law. The Senate Banking Committee previously approved the bill with a 15-9 vote, and lawmakers are continuing to review its provisions. Senator Cynthia Lummis has introduced the BITCOIN Act, which would provide a statutory framework for the reserve, allowing the Treasury to purchase 200,000 BTC annually for five years.