U.S. Congressman Byron Donalds plans to introduce a bill to safeguard Donald Trump's executive order to establish a strategic Bitcoin reserve.
Byron Donalds’ Proposed Bill
The proposed bill aims to prevent the reversal of Trump's order by future presidents. This would serve to codify the March 7 executive order.
Details of Trump's Executive Order
Trump’s order mandates the creation of a Bitcoin reserve and a digital asset stockpile. Funds for the reserve will come from seized assets. The order also directs the Treasury and Commerce Departments to devise budget-neutral strategies for Bitcoin purchases, and prohibits selling Bitcoin from the reserve.
Current Status and Support
The bill would require 60 votes in the Senate and a majority in the House. Trump's administration has exhibited a more favorable stance towards crypto initiatives compared to Biden's. Most pro-crypto policies have gained support across both Democrats and Republicans.
Byron Donalds’ initiative seeks to legally solidify Trump administration's Bitcoin policy, aiming to strengthen cryptocurrency's role in the U.S. economic landscape.
