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Bitcoin Policy Institute drafts a presidential executive order for Trump’s Strategic Bitcoin Reserve

Bitcoin Policy Institute drafts a presidential executive order for Trump’s Strategic Bitcoin Reserve

CryptopolitanCryptopolitan2024/12/18 11:22
By:By Collins J. Okoth

Share link:In this post: The Bitcoin Policy Institute drafted an Executive Order for a Strategic Bitcoin reserve for president Trump. The order aims to expand the diversity of assets held within the ESF to safeguard national economic security. The SBR will be subject to regular audits and stringent security standards to ensure accountability and security.

The Bitcoin Policy Institute announced on December 18 that it had drafted an executive order for the Trump administration to include Bitcoin as a strategic reserve asset. The executive order is designed to take effect immediately upon being signed by Donald Trump on his first day in office.

The order lays out the potential implications of such a designation and emphasizes Bitcoin’s strategic importance in the national reserve framework. The draft suggests that recognizing BTC as a strategic asset could enhance the country’s financial stability and security.

The order designates Bitcoin as a strategic asset

The presidential order affirmed that it’s important for the United States to adapt its financial strategies to maintain stability and leadership in the global economy. The order also acknowledged BTC as a decentralized and finite store-of-value asset, akin to digital gold. The institute believes that BTC’s unique attributes can bolster the resilience of the U.S. dollar and support American economic interests. 

The order maintained that BTC is a suitable asset for strategic acquisition within the Treasury Department’s Exchange Stabilization Fund (ESF). It also confirmed that Bitcoin establishes itself as a Strategic Bitcoin Reserve and could be a permanent national asset for the benefit of all Americans.

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The executive order suggested that it’s important to establish a Strategic BTC Reserve in order to grow the U.S. economy and to cement American financial dominance in the future. It also suggested that it’s important to expand the diversity of assets being held within the ESF to safeguard national economic activity and competitive advantage in the 21st Century. 

The presidential directive also highlighted the goal of the U.S. is to become the global leader of the digital assets industry. The order maintained that the U.S. can attain this by attracting capital, talent, and sound businesses to set up and expand in the U.S.

The order seeks to diversify U.S reserve assets

“This is meant to be a good thing for the United States and is not a giveaway to the Bitcoin or crypto industry. ”

~ Zack Shapiro, Head of Policy at Bitcoin Policy Institute.

The executive order revealed it has established the Strategic BTC Reserve (SBR) with the goal of enhancing the diversity of U.S. reserve assets. It also argued that the SBR will be subject to regular audits, stringent security standards, and comprehensive reporting measures to ensure accountability and security over the long term.

The order also wants to consolidate government bitcoin holdings within 7 days of the date of the order. It suggested that any Bitcoin under the control of any Federal agency, including the United State Marshal Service, shall not be sold, swapped, auctioned, or encumbered. The order recommended that upon the acquisition of a legal title, BTC should be transferred by the head of such Federal agency to the SBR.

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The executive order also proposed that Bitcoin be designated as a strategic reserve asset suitable for purchase and holding within the ESF. It also directed the Secretary of the Treasury to implement an acquisition program for Bitcoin to acquire and manage BTC within the ESF within 60 days of the date of the order. 

Zack Shapiro, Head of Policy at Bitcoin Policy Institute, denied claims by Stephanie Ruhle, host at MSNBC, that the order might be the biggest bailout to crypto ever. Shapiro highlighted that the people responsible for the bill, including Cynthia Lummis, are not planning to sell their bitcoin to the government as part of the bill. He also believes that the order is not meant to pay bonuses to wealthy crypto executives just because Bitcoin’s price might go up.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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