U.S. Treasury Secretary Bessent: Strategic Bitcoin Reserve Progressing at a 'Prudent Pace'
Miles Bennett
Treasury Secretary Bessent publicly confirmed for the first time that the Strategic Bitcoin Reserve is under way, calling the process 'prudent'; meanwhile, two legislative tracks in Congress are building a legal framework for the reserve.
What did the Treasury Secretary say — and why does it matter?
Bessent told the Senate Finance Committee that Treasury is advancing Trump's March executive order on a Strategic Bitcoin Reserve at "prudent speed."
This means → it is the first secretary-level confirmation of progress since the order was signed — the reserve has moved from "announced" to "in process."
He also called the reserve effort "uncharted territory." In plain terms = there is no existing rulebook; every protocol for custody and management must be built from scratch.
How much bitcoin does the U.S. already hold?
Per BitcoinTreasuries data, the U.S. currently holds 328,372 BTC, worth roughly $20.6 billion.
All of it comes from criminal and civil forfeitures — none was purchased by the government.
This means → the reserve's "seed inventory" already exists. The next critical step is how custody and management protocols are designed — exactly what the executive order tasked Treasury to do.
What is Congress working on?
Track one: Senator Cynthia Lummis's BITCOIN Act, which would authorize the government to buy up to one million bitcoin.
Track two: the Digital Asset Market Clarity Act, aimed at building a comprehensive regulatory framework and clarifying whether crypto tokens fall under securities or commodities oversight.
Bessent endorsed the Clarity Act, calling it "very necessary" to maintain U.S. leadership in crypto innovation, and said he expects it to pass this summer.
Can these bills actually pass?
The Clarity Act cleared the Senate Banking Committee but still faces significant hurdles on the full Senate floor.
Representative Nick Begich separately reintroduced ARMA — the House companion bill to the BITCOIN Act — adding legislative momentum to the reserve plan.
In plain terms = the executive order gets Treasury moving now, but a durable long-term framework requires Congress to finish the legal architecture. Both tracks are advancing; neither has crossed the finish line.
Content is for reference only, not financial advice.