U.S. Treasury Secretary Scott Bessent stated on May 22 (local time) at a Senate Appropriations Committee hearing that the Treasury Department is advancing a strategic Bitcoin reserve plan in accordance with President Donald Trump's executive order, and that procedural work is underway to enable passage of the Clarity Act, a comprehensive U.S. digital asset bill, by this summer. The Block reported Bessent's remarks on May 3 (local time). Bessent described digital assets as "still new technology and new market" and emphasized the goal of applying best practices to build a long-term sustainable reserve system, even if complex procedures are required. Trump previously signed an executive order establishing the Strategic Bitcoin Reserve and Digital Asset Stockpile.
Scott Bessent speaking at Senate Appropriations Committee on May 22 (local time). Source: AP YouTube
Bessent Describes Treasury's Bitcoin Reserve Framework at Senate Hearing
At the Senate Finance Committee hearing, Bessent explained the Trump administration's digital asset reserve policy implementation status. "Digital assets are still new technology and a new market," Bessent said. "Even if complex procedures are involved, the goal is to apply best practices and build a long-term sustainable reserve system." Bessent added regarding the Clarity Act discussed alongside the reserve plan: "Procedural work is underway to enable passage of this bill by this summer."
Trump Executive Order Established Strategic Bitcoin Reserve and Digital Asset Stockpile
Trump signed an executive order establishing the Strategic Bitcoin Reserve and Digital Asset Stockpile. The Treasury Department's current work follows this executive directive.
Senate Committees Consolidate Clarity Act with Related Digital Asset Bills
The final timeline for the bill remains fluid. The Senate Banking Committee and Agriculture Committee are currently consolidating the Clarity Act with related digital asset bills. A full Senate floor vote will follow the consolidation process.
FAQ
What did Scott Bessent announce about the strategic Bitcoin reserve on May 22?
Scott Bessent stated at a Senate Appropriations Committee hearing on May 22 (local time) that the Treasury Department is advancing a strategic Bitcoin reserve plan in accordance with President Trump's executive order. Bessent described digital assets as "still new technology and new market" and emphasized the goal of applying best practices to build a long-term sustainable reserve system.
What is the current status of the Clarity Act in the Senate?
Bessent stated that procedural work is underway to enable passage of the Clarity Act by this summer. The Senate Banking Committee and Agriculture Committee are currently consolidating the Clarity Act with related digital asset bills, after which a full Senate floor vote will take place. The final timeline remains fluid.
