BESSENT URGES SENATE TO PASS CLARITY ACT THIS SUMMER AS U.S. MOVES FORWARD WITH STRATEGIC BITCOIN RESERVE
June 04, 2026
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| Treasury Secretary Scott Bessent appeared before the Senate Finance Committee on Wednesday, urging lawmakers to pass the CLARITY Act before the summer recess while confirming the United States is actively building a Strategic Bitcoin Reserve from seized crypto assets. |
Treasury Secretary Scott Bessent appeared before the Senate Finance Committee on Wednesday, urging lawmakers to pass the CLARITY Act before the summer recess while confirming the United States is actively building a Strategic Bitcoin Reserve from seized crypto assets.
Speaking during a hearing on the Treasury Department's fiscal year 2027 budget, Bessent told senators the administration is moving forward "with all deliberate speed," emphasizing that best practices are being followed to ensure the reserve is both secure and built to last.
The Strategic Bitcoin Reserve was established by executive order and is funded entirely by cryptocurrency already in government hands accumulated through criminal and civil forfeitures with no taxpayer money used for open-market purchases.
The U.S. government currently holds 328,372 Bitcoin, valued at approximately $215 billion at current exchange rates.
On the CLARITY Act, Bessent pushed senators to get behind the landmark crypto legislation, which would bring comprehensive federal oversight to the digital asset industry for the first time.
The bill has already cleared the Senate Banking Committee with a bipartisan 15–9 vote and is now on the Senate calendar. Bessent framed the legislation as critical to keeping the U.S. competitive in global digital finance and innovation.
Notably, when pressed about whether roughly $1 billion in digital assets seized from Iran since February are included in the reserve, Bessent declined to confirm the origin of those holdings.
Bessent tied both efforts to a broader national security doctrine, telling senators: "Economic security is national security."
This is a developing story. Stay tuned for further updates.
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