Donald Trump Completes His Promise by Signing an Executive Order to Establish a Strategic Bitcoin Reserve (SBR)

U.S. President Donald Trump completed his promise by signing an executive order to establish a Strategic Bitcoin Reserve (SBR) in the country.

U.S. President Donald Trump completed his promise by signing an executive order to establish a Strategic Bitcoin Reserve (SBR).

This move follows the announcement of the Crypto Strategic Reserve (CSR) & the government’s decision to hold and invest in Bitcoin, Ethereum, Cardano, Solana, and XRP.

However, there was no official development until today.

President Trump’s crypto Czar, announced that the president signed an executive order to establish a Strategic Bitcoin Reserve (SBR).

Under this new initiative, the U.S. government will not use public funds or taxpayer money to purchase Bitcoin.

Moreover, no Bitcoin obtained through criminal or civil forfeiture will be sold by the government.

A stockpile for forfeited digital assets other than Bitcoin, with no further acquisitions, will be created and managed by the Treasury Department.

To acquire more Bitcoins, Secretaries of the Treasury and Commerce are authorized to develop budget-neutral strategies, placing no additional cost on taxpayers.

“President Trump has signed an Executive Order establishing a Strategic Bitcoin Reserve. The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it will be funded not by taxpayer dollars, but by the assets of those who broke the law. A portion of the cryptocurrency assets will be used to create a Strategic Bitcoin Reserve, which will be managed by the Treasury Department. The administration will also develop budget-neutral strategies for acquiring additional bitcoin for the Reserve, at no cost to taxpayers. Finally, the administration is putting in place a plan for the ongoing management of the cryptocurrency assets to ensure the efficient and lawful operation of the Reserve.”

In response to this proBitcoin development, Cynthia Lummis, proBitcoin US Senator from Wyoming, stated that Donald Trump kept the promise he made during the presidential campaign.

Lummis said that such initiatives are going to make America a crypto capital country in the world. Another promise made, another promise kept. We are becoming the bitcoin and digital asset capital of the world. America is so ₿ack.

As we know, the US president has a plan for a Crypto summit on Friday, so official-level work for the US crypto sector is very important.

Fox Business News reporter Eleanor Terrett said that Trump might also announce some new things about the Crypto Strategic Reserve (CSR) to make the discussion around cryptocurrencies more constructive at the White House Crypto Summit.

Eleanor predicted that more announcements may be related to ChokePoint 2.0, a secret attack by the US government agencies against crypto companies by restricting banking services for the crypto companies. And also there are chances related to taxes.

An elite group of crypto executives and advocates will meet at the White House on Friday for a summit on the burgeoning digital asset sector with President Donald Trump, multiple sources familiar with the matter told Fox Business. Among those invited are executives from Coinbase (NASDAQ:), Circle, TRM Labs, Chainalysis and the University of Texas at Plano Center for Blockchain and Innovation. The event will also bring together leading crypto advocates, such as Grayscale Investments’s Barry Floyd and Jeb McCruder, a former Trump administration official who now heads the American Blockchain Council. The administration officials in attendance will include Steve Mnuchin, the Treasury secretary; Wilbur Ross, the commerce secretary; and Gary Gensler, the Securities and Exchange Commission chairman. The group will discuss the role of crypto in national security, the threat of scams and money laundering through digital assets, and how to maintain U.S. leadership in the emerging technologies. The group will also touch base on the administration’s plan to create a strategic bitcoin reserve, which will be capitalized with bitcoin forfeited by criminals and will be used to diversify government holdings and hedge against inflation, according to a statement from the White House. The plan is still being finalized, but sources said it is likely to be announced in the coming weeks.