White House’s Robert Hines on US Strategic Bitcoin Reserve: “We Do Believe in Accumulation”
Main Idea
The White House has expressed support for a Strategic Bitcoin Reserve and released its first major crypto policy report, outlining regulatory roles and opposing a central bank digital currency.
Key Points
1. Robert Hines, Executive Director of the President’s Council of Advisers on Digital Assets, stated the administration supports Bitcoin accumulation and the Strategic Bitcoin Reserve.
2. The Strategic Bitcoin Reserve, established by an executive order in March, holds Bitcoin from forfeiture proceedings and prohibits its sale.
3. The White House's crypto policy report defines the roles of the SEC and CFTC, supports the GENIUS Act and tax reforms, and opposes a central bank digital currency.
4. Bitcoin prices dipped slightly following the regulatory news but quickly recovered, trading above $118k at the time of reporting.
5. The US government's Bitcoin holdings were estimated in March, but specific acquisition details remain undisclosed.
Description
Hines said that establishing the necessary infrastructure for the Strategic Bitcoin Reserve initiative requires both time and effort to ensure its ultimate success He also added that work on infrastructure is underway and that action is expected in short order On July 30, the administration released its first major crypto policy report Robert “Bo” Hines, the Executive Director of the President’s Council of Advisers on Digital Assets of the White House, had an interview on Crypto in America yeste...
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