US Bitcoin Reserve Receives Important Update From Senate

In a recent Senate Banking Committee press conference, White House crypto advisor Bo Hines confirmed that the US government is preparing infrastructure for a Bitcoin Reserve.

Senators Tim Scott and Cynthia Lummis spearheaded the presentation, which mostly concerned new regulations like the GENIUS Act. Still, this is the first significant Reserve update in several weeks.

Progress Update on the Bitcoin Reserve

Since President Trump first campaigned on Bitcoin, the concept of a federal Strategic Reserve has been a key goal for the industry.

Although he signed an executive order for an altcoin-heavy Reserve, this received pushback from the industry and voters alike.

However, today’s press conference confirms that the plan is still very much alive. Bo Hines confirmed that the US has completed its accounting of BTC held by federal institutions, which opens the path to consolidating it:

“Now, the process begins of establishing the Reserve, the actual infrastructure behind it. We are certainly keen on the idea of accumulation; we believe it’s in the best interest of the United States to acquire as much as we can get. Obviously, this has to be done in budget-neutral ways, but I think we have some very creative minds [and] that we’ll get moving very quickly,” he claimed.

Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets, has been a key voice in the White House’s crypto policies. He has repeatedly advocated for a Bitcoin Reserve, creating several plans to fund new acquisitions.

Even considering the aforementioned stockpile, the government will likely need channels to acquire more BTC.

Unfortunately, these Bitcoin Reserve updates were not the core focus of the conference. Several extant pieces of critical crypto regulation are in progress, and they’re apparently a more pressing battle.

Congress’ pro-crypto faction faces several key fights to determine the US’ future regulatory framework, after all. Victory will take a lot of energy and resources.

Still, this is a useful piece of insight. US states and private corporations are building Bitcoin Reserves, but the federal government hasn’t commented on it in months.

This update ensures that it’s still a topic of discussion and that work is actually taking place. Hines also clarified the White House’s mindset on Reserve progress updates in general:

Ultimately, it’s anyone’s guess when US Bitcoin Reserve will finally happen, assuming the effort succeeds. For now, all we can say for certain is that the plans are still on the table.