The chairman of the House Financial Services Committee French Hill expressed support for the executive order of President Donald Trump to set up a strategic Bitcoin (BTC) reserve and a digital assets stock.
In one Declaration Due to the GOP X account of the Financial Services on 7 March, Hill said that the move indicates that Trump indicates Trump’s dedication to maintain the American leadership in digital assets, and encouraged the administration to work with the congress to determine the final structure and financing.
He also emphasized the need for accountability and clear legal frameworks and proclaimed legislative Ton Federal Stabilecoin instructions and supervision of the digital assets market.
He added:
“Just like President Trump, I believe that the US should lead in digital assets, and I am looking forward to working with the administration on the critically important steps of implementing federal stabilecoin and digital assets market structure legislation.”
On March 6, Trump signed an executive order Setting up a strategic Bitcoin reserve and a digital assets stock. The order has instructed the federal government to maintain seven -term value storage seized.
Hill has actively tackled the crypto regulation. On February 20, he and three other American legislative sent a letter On the Federal Deposit Insurance Corporation (FDIC) Acting Chairman, Travis Hill, to collect the plans of the Agency to regulate and oversee the crypto activities of regulated financial institutions.
Additioanaal, The House Financial Services Committee a hearing planned Before 11 March to discuss a federal framework for payment staboins. Moreover, it will tackle the potential consequences of a US Central Bank Digital Currency (CBDC).
Bitcoin Reserve plans
According to the Executive Order, the Treasury Department will manage both the Bitcoin Reserve and the Digital Asset Stockpile, which will have other cryptocurrencies than Bitcoin.
As a result, all Bitcoin is confiscated by criminal and civil forfeiture in a digital equivalent of Fort Knox. Other digital assets obtained through confiscation are held separately in the digital assets stock.
In addition, Treasury Scott Bessent and trade secretary Howard Lutnick will be responsible for developing budget -neutral strategies to expand the Bitcoin holdings of the country without taxpayers.
However, the government will not actively acquire additional assets that go beyond it obtained by forfeiture for the stock.
A complete audit of federal digital assets companies is also required. Estimates suggest that the US government has around 200,000 BTC.
Despite the apparently positive news for crypto enthusiasts, the market initially responded negatively due to a lack of immediate plans to buy more Bitcoin for the reserve.
