Trump signs executive order on BTC strategic reserve

Author: The White House

Trump signs BTC strategic reserve executive order! The full text is as follows:

By the authority vested in me as President by the Constitution and the laws of the United States, I hereby order.

Section 1: Background

Bitcoin is the oldest cryptocurrency. The Bitcoin protocol permanently limits the total supply of BTC to 21 million and has never been hacked.

Due to its scarcity and security, Bitcoin is often referred to as "digital gold." Since the supply of BTC is fixed, there are strategic advantages to being one of the first countries to create a strategic Bitcoin reserve.

The U.S. government currently holds a large amount of BTC, but has not yet implemented policies to maximize BTC's strategic position as a unique store of value in the global financial system.

Just as our country needs to thoughtfully manage state ownership and control of any other resource, our country must harness, not restrict, the power of digital assets to achieve our prosperity.

Section 2: Policy

It is the policy of the United States to establish a strategic bitcoin reserve. The policy of the United States also includes the establishment of the U.S. Digital Asset Reserve to serve as a safe account for the orderly and strategic management of other U.S. digital assets. SECTION 3: STRATEGIC BITCOIN RESERVE (a) The Secretary of the Treasury shall establish an office to manage and control a custodial account, collectively referred to as the “Strategic Bitcoin Reserve,” which shall be capitalized by all bitcoins held by the Treasury that are ultimately seized as part of a criminal or civil asset forfeiture proceeding or used to satisfy any civil penalty imposed by any executive department or agency (the Agency) and that are not required to satisfy the requirements of 31 U.S.C. 9705 or to be released pursuant to subsection (d) of this section (Government Bitcoin). Within 30 days of the date of this order, each agency shall review its authority to transfer any Government Bitcoin held in it to the Strategic Bitcoin Reserve and submit a report to the Secretary of the Treasury reflecting the results of its review. Government Bitcoins held in the Strategic Bitcoin Reserve shall not be sold and shall be retained as a United States reserve asset for use in furtherance of Government objectives consistent with applicable law. (b) The Secretary of the Treasury shall establish an office to manage and control a custodial account, collectively referred to as the “United States Digital Asset Reserve,” which shall contain funds derived from all digital assets (other than Bitcoin) owned by the Treasury that were ultimately forfeited as part of a criminal or civil asset forfeiture proceeding and that are not required to satisfy the requirements of 31 U.S.C. 9705 or to be released pursuant to subsection (Reserve Assets) of this section. Within 30 days of the date of this order, each agency shall review its authority to transfer any reserve assets it holds to the United States Digital Asset Reserve and submit to the Secretary of the Treasury a report reflecting the results of its review. The Secretary of the Treasury shall determine a strategy for the responsible management of the United States Digital Asset Reserve, consistent with applicable law.

(c) The Secretary of the Treasury and the Secretary of Commerce shall develop strategies for acquiring additional Government Bitcoin, provided that such strategies do not have a budgetary impact and do not impose incremental costs on the United States taxpayer. However, the United States Government may not acquire additional digital assets for the United States Digital Asset Reserve except in connection with a criminal or civil asset forfeiture proceeding or to satisfy any civil penalty imposed by any agency without further executive or legislative action.

(d) “Government Digital Assets” means all Government BTC and all Reserve Assets. An agency head may not sell or otherwise dispose of any government digital asset unless the Secretary of the Treasury, exercising his or her lawful authority under subsection (b) of this section to responsibly manage the United States digital asset reserve, or as required by law, pursuant to an order of a court of competent jurisdiction, or the Attorney General or other appropriate agency head determines that the government digital asset (or the proceeds from its sale or disposition) can and should:

(i) be returned to an identifiable and verifiable crime victim;

(ii) be used in law enforcement actions;

(iii) be shared equitably with State and local law enforcement partners; or

(iv) be used to satisfy 31 USC 9705, 28 USC 524(c), 18 USC 981, or 21 881.

(e) Within 60 days of the date of this order, the Secretary of the Treasury shall review the legal and investment considerations for establishing and managing the Strategic Bitcoin Reserve and the United States Digital Asset Reserve, including the accounts that should be established for the Strategic Bitcoin Reserve and the United States Digital Asset Reserve and the statutory necessity for implementing any aspect of this order or for the proper management of such accounts.

Section 4: Liquidation Accounts

Within 30 days of the date of this order, each head shall provide to the Secretary of Facilities and the Presidential Working Group on Digital Asset Markets a complete account of all government digital assets held by the agency, including any information regarding custodial accounts currently holding such government digital assets that is necessary to facilitate the transfer of government digital assets to the Strategic Bitcoin Reserve or the United States Digital Asset Reserve.

If the agency does not hold government digital assets, the agency shall provide confirmation of that fact to the Presidential Working Group on Digital Asset Markets within 30 days of the date of this order. SECTION 5. GENERAL PROVISIONS

(a) Nothing in this order shall be construed to impair or otherwise affect:

(i) the authorities conferred by law on the heads of executive departments or agencies; or

(ii) the responsibilities of the Director of the Office of Management and Budget with respect to budgetary, administrative, or legislative proposals.

(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.

(c) This order is not intended to and does not create any right or benefit, purported or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.