Key Takeaways
- H.R. 3798 would codify Trump's Executive Order 14233, establishing a Strategic Bitcoin Reserve.
- The U.S. currently holds 198,000 BTC worth over $21.3B, with no new purchases using taxpayer funds.
- The reserve's target is 1 million BTC; sales would be banned without a presidential waiver.
A Republican-sponsored bill introduced June 7 aims to enshrine former President Donald Trump’s executive order creating a U.S. Strategic Bitcoin Reserve into federal law.
The bill, H.R. 3798, is led by Rep. Tim Burchett (R-TN) and would codify Executive Order 14233, which consolidated federal Bitcoin holdings under the Treasury and halted government auctions of seized BTC.
Burchett stated:
It’s time we treated Bitcoin like the strategic asset it is.
Current Bitcoin holdings & strategic goals
The U.S. government currently holds about 198,000 BTC, worth over $21.32 billion, acquired primarily through criminal forfeitures.
Historically, much of that Bitcoin was auctioned at significantly lower prices.
The new bill seeks to stop further sales and formalize BTC as a long-term strategic hedge.
Treasury’s role & future acquisitions
Treasury Secretary Vivek Ramaswamy described the reserve as “our digital Fort Knox,” emphasizing that no taxpayer funds will be used to buy additional Bitcoin.
Future BTC would come from seizures, swaps, or neutral transfers. Altcoins would be managed separately under a “Digital Asset Stockpile.”
Long-term objectives & legislative process
The reserve’s five-year goal is 1 million BTC—around 5% of the total Bitcoin supply.
All BTC would be held by the Treasury, with sales prohibited without presidential approval.
Support & criticism
Supporters, including Sen. Cynthia Lummis (R-WY), say the bill offers financial sovereignty akin to gold. Critics, like Rep. Brad Sherman (D-CA), warn it’s “crypto cosplay” that could undermine U.S. credibility.
Next steps
The bill now moves to the House Financial Services Committee for consideration.
