The US aims to establish itself as a leader in Bitcoin accumulation, with White House crypto advisor Bo Hines emphasising a competitive approach. The government plans to create a Strategic Bitcoin Reserve and work with the Treasury Department to audit Bitcoin holdings. The Senate is also expected to vote on new legislation regulating stablecoins soon, signalling a pivotal moment for US crypto policy.
In a bold move, the US has set its sights on becoming the leading force in the global Bitcoin landscape, as stated by Bo Hines, crypto advisor at the White House. Hines emphasised that a competitive race is on for Bitcoin accumulation, stating, “I think there is definitely a sort of space race as it pertains to the accumulation of this asset.” This announcement comes amid initial steps taken to ensure the US doesn’t fall behind other nations with emerging crypto regulations.
According to Hines, the government acknowledges the existence of various ecosystems in cryptocurrency, hence the introduction of the Digital Assets National Stockpile. He underscored that the aim is to foster innovation across the entire industry, not just within US borders. Hines further contended that Bitcoin’s limited supply is what distinguishes it from other digital currencies, citing its origins and growing acceptance as strong indicators of its future viability.
The US government is determined to become the “Bitcoin superpower of the world,” aligning with President Trump’s digital asset vision. Hines described Bitcoin as “digital gold” and revealed plans for a Strategic Bitcoin Reserve. He mentioned that collaboration is underway with the Treasury to audit the nation’s current Bitcoin holdings while also seeking “budget-neutral” acquisition strategies.
Hines made it clear that a one-size-fits-all policy approach is not the aim; the administration wants to explore various strategies to identify the most effective route forward. The immediate goal is to kickstart Bitcoin accumulation swiftly, focusing on speed and scalability, with further initiatives to follow.
Reflecting on the first 100 days of the administration, Hines pointed to a sweeping executive order that established an interagency working group and rescinded actions like the so-called “Operation Chokepoint 2.0.” This has led to crucial regulatory changes, including the SEC backing off on some lawsuits and banking authorities easing restrictions on crypto firms.
“We want to make the United States the crypto capital of the world,” Hines asserted, indicating a readiness for what he calls the golden age of digital assets. The White House is looking to have legislation regarding stablecoins and market structure ready for the president’s desk before the August recess. An important 180-day report is also in the works.
On the legislative front, the Senate is poised to deliberate on the GENIUS Act, which sets out a regulatory framework for stablecoins. Senate Majority Leader John Thune indicated that a vote could happen before Memorial Day. Having passed the Senate Banking Committee, the approval of this bill could mark a significant turning point for crypto regulation in the US.
