jakiro
Author: White House
Trump signs executive order for BTC strategic reserves!The full text is as follows:
I am hereby ordered under the Constitution and law of the United States.
Section 1: Background
Bitcoin is the oldest cryptocurrency.The Bitcoin protocol permanently limits the total supply of BTC to 21 million and has never been hacked.
Because of its scarcity and security, Bitcoin is often referred to as “digital gold.”Since the supply of BTC is fixed, it has a strategic advantage to be one of the first countries to create strategic Bitcoin reserves.
The U.S. government currently holds a large amount of BTC, but has not implemented policies to maximize its strategic position as a unique store of value in the global financial system.
Just as our nation needs to carefully manage the ownership and control of any other resource by the state, our nation must leverage rather than limit the power of digital assets to achieve our prosperity.
Section 2: Policy
Establishing strategic Bitcoin reserves is the policy of the United States.The U.S. policy also includes establishing U.S. digital asset reserves as a secure account for orderly and strategically managing other U.S. digital assets.
Section 3: Strategic Bitcoin Reserves
(a) The Secretary of Finance shall establish an office to manage and control a escrow account, collectively referred to as the “Strategic Bitcoin Reserve”, whose capital shall be composed of all Bitcoins held by the Ministry of Finance, which are ultimately seized as part of a criminal or civil asset forfeiture process or used to satisfy any civil penalties imposed by any administrative department or agency (institution) and shall not be subject to 31 U.S.C. 9705 or released under subsection (d) of this section (Government Bitcoin).Within 30 days from the date of this order, agencies shall review their power to transfer any government bitcoin held to the strategic bitcoin reserves and submit a report to the Secretary of Finance to reflect the results of the review.Government Bitcoins stored in strategic Bitcoin reserves shall not be sold and shall be reserved as U.S. reserve assets for achieving government goals that comply with applicable laws.
(b) The Secretary of the Treasury shall establish an office to manage and control the escrow account, collectively known as the “U.S. Digital Asset Reserve”, funds are derived from all digital assets owned by the Treasury (except Bitcoin) that are ultimately confiscated as part of the criminal or civil asset forfeiture process and are not required to meet the requirements of 31 U.S.C. 9705 or released under this section (Reserve Assets).Within 30 days from the date of this order, agencies shall review their authority to transfer any reserve assets they hold to the U.S. Digital Assets Reserve and submit a report to the Secretary of the Treasury that reflects the results of their review.The Secretary of the Treasury should determine strategies for responsibly managing the U.S. digital asset reserves in accordance with applicable laws.
(c) The Secretary of Treasury and Commerce should develop strategies for obtaining more government bitcoins, provided that these strategies do not have an impact on the budget and do not bring incremental costs to U.S. taxpayers.However, the U.S. government shall not acquire additional digital assets for the U.S. digital asset reserve unless it is related to a criminal or civil asset forfeiture process or to meet any civil penalties imposed by any institution without further administrative or legislative action.
(d)“Government digital assets” refer to all government BTC and all reserve assets.The head of the agency shall not sell or otherwise dispose of any government digital assets unless the Secretary of the Treasury exercises its legal powers and responsibly manages the U.S. digital assets reserves, or as required by law, on orders of the court of competent jurisdiction, or the Attorney General or other relevant agency heads determine that the government digital assets (or the proceeds of their sale or disposal) may and should:
(i) Return to identifiable and verifiable victims of crime;
(ii) for law enforcement actions;
(iii) share fairly with state and local law enforcement partners; or
(iv) Released to meet the requirements of 31 USC 9705, 28 USC 524(c), 18 USC 981 or 21 USC 881.
(e) Within 60 days from the date of this Order, the Secretary of the Treasury shall review the legal and investment considerations for the establishment and management of strategic Bitcoin reserves and U.S. digital assets reserves, including the accounts that should be established for strategic Bitcoin reserves and U.S. digital assets reserves, and the statutory necessity to implement any aspect of this Order or to properly manage such accounts.
Section 4: Clearing accounts
30 days from the date of this order, each chief shall provide the Secretary of Facilities and the President’s Digital Assets Market Working Group with a complete account of all government digital assets held by the agency, including any information regarding the escrow account currently held by such government digital assets, necessary to facilitate the transfer of government digital assets to the strategic Bitcoin reserve or U.S. digital assets reserve.
If the institution does not hold government digital assets, the institution shall provide confirmation of that fact to the Presidential Digital Assets Market Working Group within 30 days from the date of this order.
Section 5 General Provisions
(a) Nothing in this Order shall be construed as a damaging or otherwise affecting:
(i) the powers conferred by law on the head of an administrative department or organization; or
(ii) The responsibilities of the Director of the Office of Management and Budget in terms of budget, administrative or legislative proposals.
(b) The implementation of this Order shall be subject to applicable law and shall be subject to the circumstances of appropriation.
(c) This Order is not intended and does not arise any right or interest, whether claimed or procedural, and either party may enforce, in accordance with law or fairness, the United States, its departments, institutions or entities, its officers, employees or agents, or any other person.
