On June 3, U.S. Treasury Secretary Scott Bessenttestified before a Senate Finance Committee to discuss the 2027 budget and made some revealing statements regarding the U.S. reserves during th
On June 3, U.S. Treasury Secretary Scott Bessenttestified before a Senate Finance Committee to discuss the 2027 budget and made some revealing statements regarding the U.S. reserves during the discussion.
Bessent said the Treasury Department is proceeding with a "deliberate speed" as far as a strategic Bitcoin (BTC) reserve is concerned.
Related: Elon Musk brings back his McDonald's Happy Meal offer
It was in March 2025 that President Donald Trump signed an executive order to establish a strategic Bitcoin reserve. The order mandated creating a reserve made up of Bitcoin forfeited by U.S. authorities and even urged the Treasury to develop "budget-neutral" strategies to acquire more BTC.
Though lawmakers like Sen. Cynthia Lummis (R-WY) have proposed bills to codify Trump's executive order, such efforts have not succeeded so far.
It is a "new technology" and setting up a Bitcoin reserve is a complex endeavor, Bessent admitted to the lawmakers during the hearing but said the department is moving ahead.
"We are making sure that as we are doing this in this complicated process, we use best practices and things will be durable for the future."
The discussion also veered towards the progress on the CLARITY Act. The legislation that aims to create a comprehensive regulatory framework for cryptocurrencies has been stuck in the Senate for months now because of the controversy surrounding stablecoin yields.
WATCH: Treasury Secretary Scott Bessent says he expects the CLARITY Act to pass this summer. #Trump#Crypto#ClarityActhttps://t.co/aWGhEusHZFpic.twitter.com/ce3xU62d7B
— Roundtable Network (@RTB_io) June 3, 2026
Bessent urged lawmakers to "get behind" the bill, saying,
"I look forward to the Clarity Act being passed this summer."
The Treasury Secretary is one of the biggest supporters of Trump's crypto agenda and has not hesitated to put his weight behind it.
Related: Scott Bessent shares new information on stunning Iranian seizure
