Key Takeaways
- Representative Byron Donalds plans to introduce legislation to codify Trump’s Bitcoin reserve executive order.
- Trump’s order allows the US Treasury to hold 200,000 Bitcoin and prohibits selling reserve Bitcoin.
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Byron Donalds, Florida governor candidate and strong Bitcoin advocate, is preparing to propose legislation that would enshrine President Donald Trump’s recent executive order establishing a strategic Bitcoin reserve and US digital asset stockpile into law, according to a Friday report from Bloomberg.
The bill is aimed at protecting the policy from being overturned by a future president who may have different views on Bitcoin and other digital assets. Donalds framed the move as ending the Democrats’ “war on crypto.”
The proposed legislation would face tough odds to pass. It would need to secure 60 votes in the Senate and a majority in the House to overcome a filibuster and proceed to a final vote.
However, as Republicans and Democrats lawmakers increasingly support crypto-related legislation, the bill still has a chance of success.
Trump’s executive order, issued last week, authorizes the Treasury and Commerce Departments to develop “budget-neutral strategies” for acquiring additional Bitcoin without taxpayer costs and prohibits selling reserve Bitcoin. The order also establishes a stockpile of other digital assets currently owned by the Treasury Department and future assets obtained through criminal or civil asset forfeiture.
Donalds, who is running for governor of Florida in next year’s election, has championed crypto assets, pledging to transform his state into the world’s financial capital through digital asset initiatives.
In a recent interview with FOX Business, Donalds suggested that Florida should establish a Bitcoin reserve as part of its financial strategy. He argued that Bitcoin, like gold, is a store of value due to its scarcity and long-term appreciation.
According to him, the Bitcoin reserve would serve as a hedge against inflation and federal monetary policies.
This week, Senator Cynthia Lummis reintroduced legislation to form a Strategic Bitcoin Reserve in line with Trump’s executive order, aiming to strengthen the US financial position.
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