Despite the White House’s crypto report not detailing the operational procedures for the Strategic Bitcoin Reserve (SBR), U.S. Director of Digital Assets Bo Hines confirmed that the initiative remains actively under development.
Yesterday, the Donald Trump administration released a 166-page crypto report, detailing numerous policy recommendations to solidify America’s leadership in the crypto market. However, the report made no mention of how the government will establish the SBR, which has been a significant part of Trump’s crypto goals.
Bitcoin Reserve is Still Under Development
Amid this, speculation emerged that the government may have abandoned plans for a Bitcoin reserve.
In reaction, Bo Hines, the Director of the President’s Council of Advisers on Digital Assets of the White House, dismissed this speculation. He stated that the U.S. government remains a strong fan and supporter of Bitcoin and understands the importance of the initiative. He confirmed that the Bitcoin reserve is coming.
According to him, the Trump administration has already established the SBR and national digital asset stockpile through an executive order signed in January. He pointed out that the move was to recognize the uniqueness of Bitcoin, which has been in a class of its own.
However, Hines emphasized the need to build out the necessary infrastructure to ensure the reserve is set up correctly.
“This requires some labor to get it set up properly. You need to build the infrastructure and make sure you’re crossing your T’s and dotting your I’s to get it done the right way,” Hines remarked.
Hines Refrains from Disclosing US Government Bitcoin Holdings
When asked to reveal the number of Bitcoins the government owns and whether it will be made public, Hines declined to comment.
“I can’t discuss that right now. There are several reasons why we are not disclosing that information at this time,” Hines remarked.
Nonetheless, he revealed that the U.S. government intends to acquire “as much Bitcoin as possible” and will keep working towards that goal. The director of digital assets stated that the acquisition will be carried out in a budget-neutral way without requiring new appropriations.
US Government Won’t Issue CBDC or Stablecoin
Furthermore, Hines emphatically stated that the U.S. government will not issue a stablecoin or CBDC. He said the president’s executive order already prohibits the issuance of a CBDC.
He noted that Fed Chair Jerome Powell has, on three occasions, confirmed that a CBDC would need Congressional approval. This requirement was also echoed in the GENIUS Act, destroying the prospects of CBDC.
“Why would you ever want to use a government-backed stablecoin? There’s no purpose for it, and there’s no reason for it. We don’t want Big Brother spying on American consumers, and we feel extremely strongly about this,” he added.
JUST IN: 🇺🇸 White House Advisor confirms the US will never issue a stablecoin.
"We feel extremely strong about this. That a CBDC should never exist." pic.twitter.com/4nOEU76sae
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