House Financial Services Committee Chairman French Hill expressed support for President Donald Trump’s executive order to establish a Strategic Bitcoin (BTC) Reserve and a digital asset stockpile.

In a statement released by the Financial Services GOP X account on March 7, Hill said the move indicates Trump’s commitment to maintaining US leadership in digital assets and encouraged the administration to work with Congress in determining its final structure and funding. 

He also stressed the need for accountability and clear regulatory frameworks and called for legislative action ton federal stablecoin regulations and digital asset market oversight.

He added:

“Like President Trump, I believe the U.S. must lead in digital assets, and I look forward to working with the administration on the critically important steps of enacting federal stablecoin and digital asset market structure legislation.”

On March 6, Trump signed an executive order establishing a Strategic Bitcoin Reserve and a Digital Asset Stockpile. The order directed the federal government to retain seized crypto as a long-term store of value.

Hill has been actively tackling crypto regulation. On Feb. 20, he and three other US lawmakers sent a letter to the Federal Deposit Insurance Corporation (FDIC) acting chair, Travis Hill, to gather the agency’s plans to regulate and oversee the crypto activities of regulated financial institutions.

Additioanally, the House Financial Services Committee scheduled a hearing for March 11 to discuss a federal framework for payment stablecoins. Additionally, it will address the potential consequences of a US central bank digital currency (CBDC).

Bitcoin reserve plans

Under the executive order, the Treasury Department will manage both the Bitcoin reserve and the digital asset stockpile, which will hold cryptocurrencies other than Bitcoin.

As a result, all Bitcoin seized through criminal and civil forfeiture will be placed into a digital equivalent to Fort Knox. Other digital assets obtained through forfeiture will be held separately in the Digital Asset Stockpile.

Furthermore, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick will be responsible for developing budget-neutral strategies to expand the country’s Bitcoin holdings without taxpayer costs.

However, the government will not actively acquire additional assets beyond those obtained through forfeiture for the stockpile.

A full audit of federal digital asset holdings is also required. Estimates suggest that the US government owns approximately 200,000 BTC.

Despite the seemingly positive news for crypto enthusiasts, the market initially reacted negatively due to a lack of immediate plans to buy more Bitcoin for the reserve.

The post Congressman French Hill back’s Trump’s Bitcoin reserve order, calls for federal crypto legislation appeared first on CryptoSlate.