White House AI and crypto czar David Sacks says the review of potential Bitcoin reserve is a top priority for the Trump administration.
At a press conference with Republican lawmakers, Sacks said the President’s new working group on digital assets will first consider whether the US government should hold Bitcoin as a strategic reserve asset.
“One of the things that the President instructed us to do was to evaluate the idea for a Bitcoin reserve. So that is one of the first things we’re going to look at as part of the internal working group of the administration. So as soon as we get all that set up – we’re still waiting for some cabinet secretaries who are on the working group to get confirmed.
So we’re still in the very early stages of this. But that’s one of the first things we’re going to look at, is the feasibility of a Bitcoin reserve. I think the concept of the sovereign wealth fund is a little separate.”
On the campaign trail, Trump said his administration would stop selling its trove of seized Bitcoin on the open market and instead strategically hold the asset as an investment. And late last month, Trump signed an executive order to evaluate the creation of a national strategic stockpile that could include both Bitcoin and other unnamed crypto assets.
At today’s conference, lawmakers also took questions on efforts in Congress to set up a clear framework for digital assets.
A new proposal from Republican Senator Bill Hagerty, called the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, aims to clearly define stablecoins and require issuers to provide audited reports and meet capital reserve requirements.
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