In a massive development, White House crypto adviser Bo Hines has provided an update on the crypto policy report that the President’s Digital Asset Working Group was working on. They plan to release it on July 30, with the crypto community highly anticipating an update on the Strategic Bitcoin Reserve.
U.S. Crypto Policy Report To Drop On July 30
In an X post, Bo Hines revealed that the President’s Working Group on Digital Assets has completed its 180-day report and will release it publicly on July 30. He further declared that the United States is now leading the way in digital asset policy.
His statement provides a much-anticipated update, as the crypto policy report was expected to be released on July 22, based on the 180-day timeline. Donald Trump had signed an executive order in January, mandating the Working Group to report on how the U.S. could create a Strategic Bitcoin Reserve.
Therefore, the report will likely include an update on the Working Group’s findings regarding the amount of Bitcoin the U.S. currently holds and how it should proceed with using it to establish the reserve. The executive order already hinted that the Bitcoin reserve and national digital asset stock will consist of coins that the federal government lawfully seized through its enforcement agencies.
Furthermore, besides the crypto reserves, the crypto policy report would also contain a proposal for a federal regulatory framework which would govern how firms issue and use digital assets.
However, the U.S has already made progress in this regard through Congress. Trump has signed the GENIUS Act, which will regulate the stablecoin industry. Meanwhile, the Senate Banking Committee just released the crypto market structure bill, which would provide a more comprehensive regulatory framework for the crypto industry.
Efforts To Create A Strategic Bitcoin Reserve Through Congress
In addition to Trump’s efforts to establish a Strategic Bitcoin Reserve, Senator Cynthia Lummis has also introduced the BITCOIN Act. This proposed legislation will mandate the U.S. government to acquire 1 million BTC over five years.
The crypto policy report could highlight this move as the executive and legislative move to make the BTC reserve a reality. The BITCOIN Act, if passed, would be bullish for the Bitcoin price, considering the amount of buy pressure it could add on the flagship crypto.
Senator Lummis already stated that Congress will deliberate on the proposed legislation once they are done with the pending crypto bills, CLARITY Act, and Anti-CBDC Act.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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