"US States Push for Bitcoin Reserve as Crypto Regulation Looms"

Three More US States Advance Bitcoin Reserve Legislation

In a significant development, three more US states have taken steps towards advancing legislation for a Bitcoin reserve. This move comes as part of a broader effort by the US government to establish a comprehensive digital asset framework and stablecoin regulations.

Arkansas Representative French Hill, who chairs the House Financial Services Committee, announced the formation of a bipartisan working group involving members from key House and Senate committees. The group aims to ensure that the US remains competitive in the realm of financial technology and digital assets.

The working group is distinct from the one proposed by US President Donald Trump, who issued an executive order on January 23 calling for the study of creating a national crypto stockpile. Trump's executive orders have faced legal challenges since he took office on January 20.

Representative Glenn Thompson, chair of the House Agriculture Committee, expressed optimism that the new working group could build upon the progress made by the Financial Innovation and Technology for the 21st Century Act, which passed the House in 2024. Plans are underway to reintroduce this bill with minor adjustments during the 119th session of Congress, alongside a stablecoin bill similar to the one introduced by Senator Bill Hagerty on February 4.

David Sacks, appointed by President Trump as the AI and crypto czar, commented on the executive order, noting that the executive branch's working group would prioritize evaluating the establishment of a crypto stockpile as one of its initial tasks. The discussions and potential legislation from these working groups could significantly shape the future of cryptocurrency regulation and the financial technology landscape in the United States.

The evaluation of the Bitcoin reserve is one of the primary tasks for the working group on digital asset markets, as stated by David Sachs, Donald Trump's special adviser on AI and cryptocurrencies and head of this structure. The creation of a national Bitcoin reserve was included in the list of campaign promises of the US President.

Sacks called the asset "an excellent store of value." He explained, "It's the strongest digital currency. [...] No one has hacked its security." The official emphasized the interest of members of the House and Senate banking and financial committees in creating a regulatory framework for cryptocurrencies "in the next six months." He added that stablecoin legislation would be the primary focus.

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