GuShiio.com “Being one of the first countries to create strategic bitcoin reserves has a strategic advantage.”
Source:white House
Compiled by: Golden Finance
By the presidential powers vested in me by the Constitution and laws of the United States, I hereby order:
Section 1 Background
Bitcoin is the earliest cryptocurrency. The Bitcoin protocol permanently limits the total supply of BTC to 21 million units and has never been hacked. Due to its scarcity and security, Bitcoin is often referred to as “digital gold.” Since the supply of BTC is fixed, it has a strategic advantage to be one of the first countries to create a strategic Bitcoin reserve. The U.S. government currently holds large amounts of BTC, but has not implemented policies to maximize BTC’s strategic position as a unique store of value in the global financial system. Just as our country needs to carefully manage national ownership and control of any other resource, our country must leverage rather than limit the power of digital assets to achieve our prosperity.
Section 2 Policies
Establishing a Strategic Bitcoin Reserve is U.S. policy. U.S. policy is also to establish the United States Digital Asset Stockpile as a safe account for orderly and strategic management of other U.S. digital asset holdings.
Section 3 Creation and Management of Strategic Bitcoin Reserves and U.S. Digital Asset Reserves
(a)The U.S. Treasury Secretary should establish an office to manage and control collectively referred to as the “Strategic Bitcoin Reserve”(Strategic Bitcoin Reserve), the capital of which is all BTC held by the Ministry of Finance that is ultimately confiscated as part of a criminal or civil asset forfeiture process, or to satisfy any civil fines imposed by any administrative department or agency (agency), and do not need to meet the requirements of 31 USC 9705 or release (Government BTC) under paragraph (d) of this section. Within 30 days from the date of this order, agencies shall review their authority to transfer any government bitcoin they hold to strategic bitcoin reserves and submit a report to the Treasury Secretary reflecting the results of the review. Government bitcoins deposited in strategic bitcoin reserves cannot be sold and should be retained as a U.S. reserve asset to achieve government goals in accordance with applicable laws.
(b)The U.S. Secretary of the Treasury shall establish an office to manage and control custody accounts, collectively referred to as the “United States Digital Asset Stockpile,” with the capital of all digital assets owned by the Treasury (other than BTC) that are ultimately confiscated as part of a criminal or civil asset forfeiture process and do not need to meet the requirements of 31 USC 9705 or be released under subsection (Reserve Assets) of this section. Within 30 days from the date of this order, agencies should review their authority to transfer any reserve assets they hold to U.S. digital asset reserves and submit a report to the Treasury Secretary reflecting the results of the review. The Treasury Secretary should determine strategies for responsible management of the U.S. digital asset reserve in accordance with applicable law.
(c)U.S. Treasury and Commerce Secretaries should develop strategies to obtain more government BTC, provided that they have no impact on the budget and do not impose incremental costs on U.S. taxpayers. However, the U.S. government is not allowed to obtain additional United States Digital Asset Stockpile except in connection with criminal or civil asset forfeiture proceedings, or to satisfy any civil penalties imposed by any agency without further administrative or legislative action.
(d)”Government Digital Assets” refers to all government BTC and all Stockpile Assets. Agency heads shall not sell or otherwise dispose of any government digital assets unless the Secretary of the Treasury exercises his legal authority and responsibly manages the U.S. digital asset reserve pursuant to subsection (b) of this section, or as required by law, pursuant to an order of a competent court, or where the Attorney General or other relevant agency head determines that government digital assets (or proceeds from sale or disposal) can and should:
(i) Return to identifiable and verifiable victims of crime;
(ii) for law enforcement actions;
(iii) Share fairly with state and local law enforcement partners; or
(iv) Released to meet the requirements of 31 USC 9705, 28 USC 524(c), 18 USC 981, or 21 USC 881.
(e) Within 60 days from the date of this order, the U.S. Secretary of the Treasury shall evaluate the legal and investment considerations for establishing and managing the Strategic Bitcoin Reserve and the U.S. Digital Asset Reserve, including the accounts that should be established for the Strategic Bitcoin Reserve and the U.S. Digital Asset Reserve, and the necessity of legislation to implement any aspect of this order or for the appropriate management and administration of such accounts.
Section 4 Liquidation of accounts
Within 30 days from the date of this order, each agency head shall provide the Secretary of the Treasury and the President’s Digital Asset Markets Working Group with a complete account of all government digital assets held by the agency, including any information on the escrow accounts currently holding such government digital assets that is necessary to facilitate the transfer of government digital assets to the strategic Bitcoin Reserve or the U.S. Digital Asset Reserve. If the agency does not hold government digital assets, the agency shall confirm this fact to the Secretary of the Treasury and the President’s Digital Asset Markets Working Group within 30 days of the date of this order.
Section 5 General Provisions
(a)Nothing in this order shall be construed as damaging or otherwise affecting:
(i)The powers conferred by law on an administrative department or agency or its head; or
(ii)The functions of the Director of the Office of Management and Budget related to budget, administrative or legislative proposals.
(b)This order shall be implemented in accordance with applicable laws and subject to funding.
(c)This order is not intended to and does not create any rights or benefits, whether substantive or procedural, that may be enforced by either party against the United States, its departments, agencies or entities, its officials, employees or agents, or any other person in accordance with law or principles of equity.
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