Author: The White House

President Trump signs executive order on BTC strategic reserve! Full text as follows:

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

Section 1: Background

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

Due to its scarcity and security, Bitcoin is often referred to as "digital gold". As the supply of BTC is fixed, being one of the first countries to establish a strategic Bitcoin reserve gives the United States a strategic advantage.

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

Just as our nation must thoughtfully manage ownership and control of any other national resource, our nation must leverage rather than restrict the power of digital assets to achieve our prosperity.

Section 2: Policy

Establishing a strategic Bitcoin reserve is a policy of the United States. The U.S. policy also includes establishing a U.S. Digital Asset Reserve as a secure 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, to be known as the "Strategic Bitcoin Reserve", the capital of which shall consist of all Bitcoin held by the Department of the Treasury that have ultimately been seized as part of criminal or civil forfeiture proceedings, or used to satisfy any civil penalty imposed by any department or agency (Agency), and without the need to satisfy the requirements of 31 U.S.C. 9705 or to be released pursuant to subsection (d) (Government Bitcoin) of this section. Within 30 days of the issuance of this order, each Agency shall review its authority to transfer any Government Bitcoin it holds to the Strategic Bitcoin Reserve, and submit a report to the Secretary of the Treasury reflecting the results of that review. Government Bitcoin deposited in the Strategic Bitcoin Reserve shall not be sold and shall be held as a U.S. reserve asset to achieve government objectives consistent with applicable law.

(b) The Secretary of the Treasury shall establish an office to manage and control a custodial account, to be known as the "U.S. Digital Asset Reserve", the capital of which shall consist of all digital assets (other than Bitcoin) held by the Department of the Treasury that have ultimately been forfeited as part of criminal or civil forfeiture proceedings, and without the need to satisfy the requirements of 31 U.S.C. 9705 or to be released pursuant to the subsection (Reserve Assets) of this section. Within 30 days of the issuance of this order, each Agency shall review its authority to transfer any Reserve Assets it holds to the U.S. Digital Asset Reserve, and submit a report to the Secretary of the Treasury reflecting the results of that review. The Secretary of the Treasury shall determine a responsible strategy for managing the U.S. Digital Asset Reserve in accordance with applicable law.

(c) The Secretary of the Treasury and the Secretary of Commerce shall develop strategies to acquire more Government Bitcoin, provided that such strategies do not impact the budget or impose incremental costs on U.S. taxpayers. However, the U.S. government shall not acquire additional digital assets for the U.S. Digital Asset Reserve, except in connection with criminal or civil forfeiture proceedings, or to satisfy any civil penalty imposed by any Agency without further administrative or legislative action.

(d) "Government Digital Assets" means all Government BTC and all Reserve Assets. Heads of Agencies shall not sell or otherwise dispose of any Government Digital Assets, unless the Secretary of the Treasury exercises his lawful authority and responsibly manages the U.S. Digital Asset Reserve pursuant to subsection (b) of this section, or as required by law, pursuant to an order of a court of competent jurisdiction, or as the Attorney General or other relevant Agency head determines that the Government Digital Assets (or the proceeds of their sale or disposition) may and should:

(i) be returned to identifiable and verifiable crime victims;

(ii) be used for law enforcement actions;

(iii) be fairly shared with state and local law enforcement partners; or

(iv) be released to satisfy the requirements of 31 USC 9705, 28 USC 524(c), 18 USC 981, or 21 USC 881.

(e) Within 60 days of the issuance 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 U.S. Digital Asset Reserve, including the accounts that should be established for the Strategic Bitcoin Reserve and the U.S. Digital Asset Reserve, and any statutory requirements necessary to implement any aspect of this order or properly manage such accounts.

Section 4: Accounting

Within 30 days of the issuance of this order, each responsible head shall provide the Secretary of the Treasury and the President's Digital Asset Markets Working Group a full accounting of all Government Digital Assets held by that Agency, including any information regarding the 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 U.S. Digital Asset Reserve.

If the Agency does not hold any Government Digital Assets, the Agency shall provide confirmation of that fact to the President's Digital Asset Markets Working Group within 30 days of the issuance of this order.

Section 5 General Provisions

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

(i) the authority granted by law to an executive department or agency, or the head thereof; or

(ii) the functions of the Director of the Office of Management and Budget relating 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, substantive 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.