Federal agencies in the US are anticipated to reveal their cryptocurrency holdings to the Department of the Treasury by April 7, as mandated by an executive order issued by President Trump earlier this year.
According to a report from a journalist citing an unnamed White House official, the deadline for these agencies to submit their cryptocurrency reports to Treasury Secretary Scott Bessent is indeed April 7.
These disclosures will currently be kept confidential. The timing of when, or if, the findings will be publicly released remains uncertain, as noted in the report.
Image credit: Eleanor Terret
The crypto disclosure arrives after the establishment of a Bitcoin Reserve
This reporting requirement was a result of the executive order signed on March 7, which called for the formation of a Strategic Bitcoin Reserve and a larger Digital Asset Stockpile. The Bitcoin (BTC) reserve will be initially funded with BTC that has been forfeited to federal agencies through seizures related to civil or criminal cases.
David Sacks, the White House’s cryptocurrency and AI leader, characterized the reserve as a “digital Fort Knox for cryptocurrency,” emphasizing that the US will not sell any BTC stored in the reserve—stating it will serve as a store of value.
Sacks has previously expressed disappointment over the US government’s sale of 195,000 BTC for just $366 million, arguing that if the assets had been retained, they could have fetched billions.
Initially, the reserve will be funded by BTC held by the Treasury, while other federal entities will “assess their legal authority” to contribute their BTC into the reserve.
Concerning the digital asset stockpile, Sacks indicated that it aims to ensure “responsible management” of the government’s cryptocurrency assets under the Treasury’s supervision, which may include potential sales from the stockpiles.
On March 2, the President asserted that the crypto reserve would encompass assets like XRP, Solana, and Cardano. He later expanded the list to include Ether and Bitcoin.
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Crypto markets plunge as Trump’s tariffs shock global stocks
While Trump’s election may have initially bolstered crypto markets, his subsequent actions have triggered a significant downturn.
On April 5, the Trump administration implemented a 10% tariff on imports from all countries, with certain nations facing even steeper rates—China at 34% and Japan at 24%, while a 20% tariff was placed on the European Union.
In the wake of Trump’s tariffs, the overall cryptocurrency market capitalization fell by more than 8%, dropping down to $2.5 trillion.
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