Trump's "Strategic BTC Reserves and US Digital Asset Reserves" executive order quick review

Original title: "ESTABLISHMENT OF THE STRATEGIC BITCOIN RESERVE AND UNITED STATES DIGITAL ASSET STOCKPILE"

Source: White House

Translated by: Golden Finance

Under the Presidential powers granted to me by the United States Constitution and laws, hereby order:

Section 1 Background

Bitcoin is the earliest cryptocurrency. The Bitcoin protocol permanently limits the total supply of BTC to 21 million and has never been hacked. Because of its scarcity and security, Bitcoin is often called "digital gold". Since the supply of BTC is fixed, it has a strategic advantage to be one of the first countries to create strategic Bitcoin reserves. The U.S. government currently holds a large amount of BTC, but has not implemented policies to maximize its strategic position as a unique means of store of value in the global financial system. Just as our nation needs to carefully manage the ownership and control of the state over any other resource, our nation must leverage rather than limit the power of digital assets to achieve our prosperity.

Section 2 Policy

Establishing a strategic Bitcoin Reserve is the policy of the United States. The U.S. policy also lies in establishing a United States Digital Asset Stockpile as an orderly and strategically manages secure accounts held by other digital assets in the U.S.

Section 3 Creation and Management of Strategic Bitcoin Reserves and US

Digital Asset Reserves

(a) The U.S. Treasury Secretary shall establish an office to manage and control escrow accounts collectively referred to as the Strategic Bitcoin Reserve, which are capitalized by the Treasury Department, which are ultimately confiscated as part of a criminal or civil asset forfeiture process or for the satisfaction of any civil fines imposed by any administrative department or agency (institution) and do not need to meet the requirements of USC 9705 or release under this section (d) (Government BTC). Within 30 days from the date of this order, agencies shall review their authority to transfer any government bitcoins they hold to the strategic bitcoin reserves and submit a report to the Secretary of Finance that reflects the results of the review. Government Bitcoin deposited in strategic Bitcoin reserves shall not be sold and shall be reserved as U.S. reserve assets for achieving government goals in accordance with applicable laws.

(b) The U.S. Treasury Secretary shall establish an office to manage and control escrow accounts collectively referred to as the United States Digital Asset Stockpile, which is capitalized by the Treasury Department (except BTC) that are ultimately confiscated as part of the criminal or civil asset forfeiture process and do not need to meet the requirements of USC 9705 or be released under this section (Reserve Assets). Within 30 days from the date of this order, agencies shall review their authority to transfer any reserve assets they hold to the U.S. digital asset reserves and submit a report to the Secretary of the Treasury that reflects the results of the review. The Secretary of the Treasury should determine strategies for responsible management of U.S. digital asset reserves in accordance with applicable laws.

(c) The U.S. Treasury and Commerce Secretary should develop strategies for obtaining more government BTC, provided that these strategies have no impact on the budget and do not bring incremental costs to U.S. taxpayers. However, the United States Government shall not obtain additional digital assets reserves unless it is related to a criminal or civil asset forfeiture process or to meet any civil fines imposed by any institution without further administrative or legislative action.

(d) "Government Digital Assets" refers to all government BTC and all stockpile Assets. The heads of each agency shall not sell or otherwise dispose of any government digital assets unless the Secretary of the Treasury exercises its legal powers under subsection (b) of this section and responsibly manages the U.S. digital assets reserves, or as required by law, on orders of a court of competent jurisdiction, or in the Attorney General or other relevant agency heads 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) is issued 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 Secretary of the Treasury shall evaluate the legal and investment considerations for the establishment and management of the Strategic Bitcoin Reserve and the U.S. Digital Asset Reserve, including the accounts to which the Strategic Bitcoin Reserve and the U.S. Digital Asset Reserve should be established, and the necessity of legislation to be developed for the implementation of any aspect of this Order or for proper administration and administration of such accounts.

Section 4 Clearing accounts

Within 30 days from the date of this order, the heads of each agency shall provide the Secretary of the Treasury and the President’s Digital Assets Market Working Group with a complete account of all government digital assets held by the agency, including any information regarding the custodial account currently held by such government digital assets, which is necessary to facilitate the transfer of government digital assets to the strategic Bitcoin reserve or U.S. digital assets reserve. If the institution does not hold government digital assets, the institution shall confirm this fact to the Secretary of Finance and the President’s Digital Assets Market Working Group within 30 days from the date of this order.

Section 5 General Provisions

(a) Nothing in this Order shall be construed as damage or otherwise affect:

(i) the powers granted by law to an administrative department or agency or its chiefs; or

(ii) Functions of the Director of the Office of Management and Budget relating to budget, administrative or legislative proposals.

(b) This Order shall be carried out in accordance with applicable law and shall prevail.

(c) This Order is not intended and does not arise any right or interest, whether substantive or procedural, and either party may enforce, in accordance with the law or fairness of the United States, its departments, institutions or entities, its officers, employees or agents, or any other person.