US Treasury advances strategic Bitcoin reserve plan

U.S. Treasury Secretary Scott Bessent is pressing the Senate to pass the Clarity Act before lawmakers leave for their summer recess, while confirming that plans for a strategic bitcoin reserve are advancing.

Testifying at a Senate Finance Committee hearing on the 2027 budget, Bessent said the Treasury is moving “at a deliberate speed” to establish the reserve and is seeking clear legislative backing for a broader federal framework governing digital assets.

The push has taken on new urgency since June 1, when the Clarity Act was formally placed on the Senate Legislative Calendar, making it eligible for full debate and a floor vote in the coming weeks. Congressional aides say the practical window for action before November elections could close by late summer, as attention shifts to year-end budget talks and campaign season.

Treasury seeks summer vote on digital asset bill

Bessent’s appeal to lawmakers underscores the administration’s desire to avoid prolonged uncertainty over how digital assets are regulated. Treasury officials argue that a clear, unified framework would reduce confusion among market participants, lower compliance costs, and strengthen consumer protections.

Supporters of the Clarity Act say a summer vote is essential to give regulators, businesses, and investors a roadmap for the next several years, rather than leaving key questions to be settled through litigation and ad hoc enforcement.

First comprehensive federal regime for crypto

The Clarity Act would create the first federal regulatory regime for the digital asset industry in the United States, a sector that has so far been governed by a patchwork of enforcement actions and agency guidance.

A version of the bill passed the House last year but stalled in the Senate amid disputes over how to treat rewards from stablecoins, protections for software developers, and conflict-of-interest concerns tied to President Donald Trump’s involvement in crypto-related projects.

At stake is the long-running question of whether the Securities and Exchange Commission or the Commodity Futures Trading Commission will take primary oversight of most digital assets. The bill’s outcome is expected to shape how crypto businesses operate domestically and what kinds of new financial products can be launched.

One major bank has projected that passage could unlock billions of dollars in flows into altcoin exchange-traded funds, arguing that legal clarity would lower regulatory risk and broaden participation from traditional finance.

Tough vote ahead despite procedural progress

Despite its movement onto the legislative calendar, the Clarity Act still faces a difficult path in the Senate. The bill would likely need 60 votes to overcome a filibuster, a threshold that requires bipartisan support.

Market indicators reflect this uncertainty. Prediction markets on Polymarket now put the odds of the legislation passing in 2026 at about 55%, down sharply from more than 70% in mid-May. That slide suggests growing doubts that Senate leaders can assemble a coalition in time.

Strategic bitcoin reserve solidifies holdings

While the legislative battle plays out, the administration is already reshaping how Washington handles its crypto stockpile.

An executive order signed earlier this year authorized the creation of a strategic bitcoin reserve, funded primarily by digital assets seized in criminal and civil cases and a separate pool of government-held tokens. The model mirrors national commodity reserves that secure access to oil or metals, but here the focus is on digital stores of value.

For now, the policy is essentially a hold-and-store regime. It requires the government to retain seized bitcoin instead of liquidating it through large auctions, a practice that has weighed on market sentiment in the past. Treasury data indicate that roughly 328,372 BTC is effectively being taken off the market under this structure, removing a longstanding overhang of potential forced selling.

Bessent described the work of building the reserve as “complex,” saying the department is focused on ensuring the framework matches “best long-term practices” for custody, risk management, and governance.

Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, said in April that the White House expected to outline the next steps for the reserve within weeks, signaling that operational details are close to being finalized.

No authority yet for open-market bitcoin purchases

The current executive order does not authorize the government to buy bitcoin on the open market, limiting the reserve to assets already under federal control. Any move toward an accumulation program would require separate legislation.

One vehicle could be Senator Cynthia Lummis’s BITCOIN Act, which would explicitly permit federal purchases. If that bill advances, analysts say the United States could begin official market purchases as early as the fourth quarter of 2026, potentially turning the reserve into a more active policy tool.

Policy direction rejects a U.S. CBDC

Alongside the reserve initiative, the administration is signaling a clear stance on the broader shape of the digital asset ecosystem. Bessent has repeatedly dismissed the idea of a U.S. central bank digital currency, calling such a system a potential “tool for surveillance.”

That position suggests the White House intends to foster a regulated market built around private-sector digital assets rather than a state-controlled alternative. Any final framework emerging from Congress and the agencies is therefore likely to focus on clarifying rules, strengthening consumer protections, and supervising platforms and products that traders already use, rather than replacing them.

As debates over jurisdiction, market structure, and civil liberties continue on Capitol Hill, Bessent said the Treasury will keep advancing the reserve strategy under existing authority, even as it pushes for the Clarity Act to lock in a comprehensive national approach.