The White House used its first Digital Asset Summit to set out the administration’s digital assets agenda, led by President Trump’s statement that he signed an executive order on 6 March 2025 to create a Strategic Bitcoin Reserve housed within the United States Treasury. The reserve is intended to be seeded with existing federal Bitcoin holdings, which the President said could be as many as 200,000 Bitcoin obtained through civil law processes and other enforcement actions. The executive order also directs federal agencies to inventory crypto assets held by the U.S. government and determine how they can be transferred to the Treasury. Non-Bitcoin digital assets are to be placed in a separate U.S. digital assets stockpile, while the Treasury and Commerce Departments will explore ways to accumulate additional Bitcoin for the reserve provided it is done at no cost to taxpayers. The President also signalled a shift in supervisory posture by committing to end what he called “Operation Choke Point 2.0” and backing congressional efforts to create a regulatory framework for dollar-backed stablecoins and the broader digital assets market. Treasury Secretary Scott Bessent said Treasury’s work under the order will include tax code-related issues and “risk waivings,” and that it will work with the “controller of the currency” and the Internal Revenue Service to rescind and amend applicable prior guidance. President Trump urged lawmakers to deliver stablecoin and digital assets legislation to him before the August recess.

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