Digital Currency / Donald Trump Hints at Expanding US’ Strategic Bitcoin Reserve

Washington, Aug 20: US President Donald Trump has signaled that his administration is open to expanding America’s holdings of Bitcoin and other cryptocurrencies, while urging Congress to pass landmark legislation to secure the nation’s leadership in digital finance.

Speaking at a White House meeting with financial regulators and cryptocurrency industry leaders, Trump acknowledged that acquiring substantial quantities of digital assets was under discussion.

“Well, it’s been talked about,” he said. He added that he would rely on recommendations from Securities and Exchange Commission Chairman Paul Atkins, Commodity Futures Trading Commission Chairman Michael Selig, and other officials.

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“I think I’d probably rely on Paul and the whole group for that. He’ll make a decision; you guys will make a decision, and you’ll let me know, but certainly it’s been talked about,” Trump remarked.

The President argued that cryptocurrency had eased pressure on the US dollar, though he did not provide supporting data. “It’s taken a lot of pressure off the dollar; it’s been very, very good for the dollar,” he said. Trump added that he would welcome formal recommendations from regulators, noting, “It seems to be a pretty big subject.”

Trump also revealed that his administration had already established a United States Strategic Bitcoin Reserve, making Bitcoin a permanent Treasury asset.

“I established a United States Strategic Bitcoin Reserve making Bitcoin a permanent asset of the United States Treasury, which has turned out incredibly well,” he said. He further cited the creation of a Digital Asset Stockpile to hold custody of other cryptocurrencies.

Calling on Congress to act, Trump pressed lawmakers to pass the CLARITY Act, a measure designed to create a regulatory framework for digital assets. “This landmark structure legislation will keep us ahead of China, keep us ahead of everyone else,” he declared.

Industry leaders welcomed the move. Coinbase co‑founder Brian Armstrong said the legislation would ensure the administration’s cryptocurrency policies endure beyond Trump’s presidency.

“This would make all of the progress that this administration has made durable into the future, so it could survive for decades and decades to come,” Armstrong said.

He noted that while some banks might oppose the measure, others had endorsed it, and supporters were aiming for more than 60 Senate votes. “It’s a true bipartisan compromise and, yeah, it’s a great work product,” he added.

Regulators echoed the importance of clarity. Michael Selig stated, “Clear rules create confidence; confidence attracts investment; and investment creates jobs, strengthens our markets and keeps the world’s best talent building here in America.”

(IANS)