Treasury Secretary Scott Bessent mentioned Bitcoin acquisition plans are in dialogue and the federal government will consider the trail ahead. Talking on CNBC’s Squawk Field on Friday, Bessent shared his perspective on President Trump’s current order to determine a Strategic Bitcoin Reserve, alongside the tariffs coverage and extra.
“Usually, I’m an enormous proponent of the US taking the worldwide lead in crypto,” Bessent mentioned. “I believe we’ve got to convey it onshore…use finest practices and laws.”
Addressing the rationale for forming the Bitcoin reserve, Bessent mentioned step one is to halt gross sales of seized Bitcoin earlier than making further acquisitions.
“I believe the Bitcoin reserve, earlier than you’ll be able to accumulate it, you need to cease promoting it,” he said.
“What we’ve got now could be from a seized asset pool. I imagine what occurred was about 500 million {dollars} of Bitcoin was seized, half of it was bought,” Bessent added.
After addressing sufferer compensation obligations, the remaining seized belongings shall be directed to the reserve, based on Bessent. He added that the Treasury will then consider methods for added acquisitions.
“After which we’ll see what the way in which ahead is for extra acquisitions for the reserve,” Bessent mentioned.
Whereas Bitcoin is the preliminary focus, Bessent famous the initiative has a broader scope.
“We’re beginning with Bitcoin, however it’s an total crypto reserve,” he added.
When requested in regards to the monetary implications of the US authorities buying Bitcoin, particularly provided that the nation doesn’t run a surplus, Bessent reiterated that the precedence is to cease promoting seized Bitcoin earlier than making any new acquisition plans.
“That’s why step one is to cease promoting, after which we’re going to place a plan in place from there,” he mentioned, noting that officers and consultants will focus on the following steps on the White Home Crypto Summit in just a few hours.
