U.S. Congressman Byron Donalds is set to propose legislation aimed at ensuring that President Donald Trump’s executive order, which establishes a strategic reserve of Bitcoin, remains protected from being repealed by future administrations.
A recent report highlights that Donalds’ legislation seeks to safeguard the order creating a national Bitcoin (BTC) reserve and a U.S. digital asset stockpile from being discarded by future presidential actions. This bill is intended to “codify” the executive order issued on March 7.
“For years, the Democrats have been at odds with the crypto sector. Now is the moment for Republican lawmakers to decisively put an end to this conflict,” remarked the Florida Republican. Donalds has been known to support crypto as he gears up for a gubernatorial run in Florida’s upcoming elections.
To move forward, the bill would require a 60-vote majority in the Senate and a majority in the House of Representatives. The Trump administration has been seen as more supportive of cryptocurrency compared to the prior Biden administration, which has faced criticism for attempting to undermine the crypto market through regulatory measures. So far, many pro-crypto initiatives have garnered backing from both Democratic and Republican lawmakers in Trump’s Congress.
What does the Bitcoin Reserve executive order entail?
The executive order from Trump calls for the establishment of a Bitcoin reserve alongside a digital asset stockpile that includes major tokens such as XRP (XRP), SOL (SOL), and ADA (ADA). This reserve will consist of BTC acquired by the federal government, which has been seized through criminal or civil asset forfeiture processes.
Moreover, the order empowers the Treasury and Commerce Departments to devise “budget-neutral strategies” for accumulating additional Bitcoin for the reserve, ensuring that taxpayers are not footing the bill. Additionally, the executive order bans the sale of any Bitcoin stored in the reserve.
According to AI and crypto expert David Sacks, the U.S. government is estimated to possess around 200,000 BTC. However, the official figure remains undisclosed, as the Bitcoin reserves have yet to undergo a comprehensive audit.