Representative French Hill, Chairman of the House Financial Services Committee, has issued a statement on the creation of a Strategic Bitcoin Reserve and Digital Asset Stockpile. These two vehicles were announced yesterday in an Executive Order signed by President Donald Trump in the run up to the Crypto Summit taking place at the White House today.
Hill said President Trump is dedicated to ensuring the US leads the world in digital asset innovation.
“President Trump is committed to ensuring the U.S. remains a global leader in digital assets. It is critical we ensure proper accountability, accurate tracking, and a unified approach to managing these novel assets. As President Trump works to implement this Executive Order, I encourage his administration to collaborate with Congress, particularly in regard to the structure and any funding related to the Strategic Bitcoin Reserve. Like President Trump, I believe the U.S. must lead in digital assets, and I look forward to working with the administration on the critically important steps of enacting federal stablecoin and digital asset market structure legislation.”
The legality of the White House’s ability to create the two crypto funds is not quite clear, but legislation signed into law would help ensure these funds will remain if the Republicans lose the Executive in future elections. Additionally, as the House and the Senate are controlled by Republicans, it makes a lot of sense to craft a bill now, as it should move quickly through the legislative process.