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Treasury Secretary Vows To Advance Strategic Bitcoin Reserve
U.S. Treasury Secretary Scott Bessent indicated that the Trump administration is still pursuing a strategic Bitcoin reserve. He noted that the Congress needs to get to work on pending crypto legislation.
Bessent testified Wednesday during a Senate Finance Committee hearing on the administration’s budget proposals for 2027. He said the Strategic Bitcoin Reserve program was an administration priority that was tied to the national economic goals. Moreover, he stressed that the government will be taking its actions in a measured way while at the same time working on the structure of the reserve.
“And I couldn’t agree more with you that economic security is national security,” Bessent told lawmakers. He referenced comments he had made previously regarding competitiveness of the U.S. on this topic.
The Treasury Secretary said that “for 25 years the U.S. has been asleep and under President Trump’s leadership, we are moving forward very quickly on that.”
Further, the Treasury Secretary also said that digital assets are part of that initiative. He also pointed out that the government’s plans for Bitcoin are vast. He added that “the Strategic Bitcoin Reserve is something. This is new technology. This is new ground.”
Officials are proceeding cautiously in the reserve, Bessent said as they read more into the details. “We are proceeding with all deliberate speed,” he added.
Moreover, the Treasury Secretary noted that lawmakers are looking for policies that are effective in the future as well. He said, “We are making sure that as we are doing this in this complicated process that we use best practices and things will be durable for the future.”
In the meantime, the administration is moving forward with President Donald Trump’s executive order that created a Strategic Bitcoin Reserve. Also, previously Trump’s crypto advisor Patrick Witt hinted at a “big announcement” around a national Bitcoin reserve in the coming weeks.
Senator Lummis Fires Back At JPMorgan CEO For Opposing CLARITY Act
Senator Cynthia Lummis strongly rebuked criticism from JPMorgan CEO Jamie Dimon regarding CLARITY ACT. She rallied support for the bill as it nears a vote in the full Senate.
The comments came as the CLARITY Act is now officially on the Senate Legislative Calendar, under General Orders. It represents a further advance for the crypto bill after a bipartisan vote of 15-9 in the Senate Banking Committee last month.
In a CNBC interview, Senator Lummis challenged Dimon’s opposition to the bill. She also addressed his previous comments regarding the digital asset industry.
“Jamie Dimon is absolutely wrong. He either hasn’t read the bill or he wants to mislead people. Let’s put the best construction on this: he hasn’t read the bill,” Lummis said. Lummis said.
The Wyoming senator contended that the bill has a lot of the same anti-money laundering and Bank Secrecy Act provisions that exist in the banking world.
There are “16 or 17 references” in the bill which have an explicit focus on compliance obligations for digital asset businesses, Senator Lummis said.
A major point of debate in current negotiations includes federal laws on how to treat decentralized finance developers. Lawmakers are trying to balance the need to protect software developers and developers of blockchain-based applications with law enforcement concerns, Lummis noted.
“People who write code for Bitcoin products, for example, don’t know when they put their product out there who’s using it,” she said. Senator Lummis further added, “They should be protected from liability since they don’t know who the user is.”
Lummis warned that software developers who work with companies that directly issue or manage digital assets need to be separated. Moreover, she believes that the banking compliance frameworks are adequate for the companies but not the code writers.
Citigroup Blames Bitcoin Crash On ETF Outflows Not Strategy’s BTC Sale
Citigroup experts have revealed their opinion the recent Bitcoin slump.They attribute the crash in BTC price to the negative ETF flows.
The analysts dismissed the potential impact of Strategy selling 32 BTC lately.
Bitcoin Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on June 3 was $396.60 million. The total net asset value of Bitcoin spot ETFs is $82.83 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.36%.
来源：SoSoValue
The Bitcoin spot ETF with the highest net outflow on June 3 was iShares Bitcoin Trust ETF (IBIT), with a net outflow of $342.34 million, according to SoSoValue.
来源：SoSoValue
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