Federal Agencies to Submit Crypto Holdings by April 7
United States federal agencies have been required to report their cryptocurrency holdings to the Department of the Treasury by April 7. This follows an executive order by President Donald Trump on March 7.
While the US government has directed banks to report the Bitcoin they hold, that information has not been released to the public. The secrecy of such reports has raised an eyebrow or two regarding transparency, says journalist Eleanor Terrett, who broke the story based on information relayed to her by a White House source.
Associated with Development of Bitcoin Reserve
The reporting requirement is embedded in a broader strategy that includes the establishment of a Strategic Bitcoin Reserve. The reserve will be stocked initially with Bitcoin that has been voluntarily surrendered to federal agencies through legal seizures and will be managed as a store of value.
White House crypto and AI czar David Sacks compared the reserve to a “digital Fort Knox” and emphasized that the Bitcoin it would hold would never be sold. Sacks criticized past US government actions, pointing to selling 195,000 BTC for a mere $366 million—a fraction of what such assets would sell for today.
Broader Crypto Strategy Underway
The plan also includes proposals for a Digital Asset Stockpile, which will be under the control of the Treasury. The stockpile could contain asset management methods such as strategic sales. The inclusion of other assets like XRP, Solana, Cardano, and Ether signifies a diversified approach to the government’s digital asset policy.
The agencies are currently examining their legal capacity to move crypto assets into the new account, with the Treasury expected to assume the lead responsibility in managing these assets from here on.
