December 17th, the Blockchain Association (American Blockchain Association) posted on social platform X that the elected President Trump attended the annual gala of the Blockchain Association and delivered a speech. In his speech, Trump expressed his strong recognition of the work of the Blockchain Association, stating that he (and the next administration) would fight for the cryptocurrency cause, provide continuous support for the cryptocurrency market, and commit to ensuring that Bitcoin and cryptocurrencies thrive in the United States and maintain a leading position in the world.
According to Dennis Porter, founder of the Satoshi Act Fund, elected President Trump plans to establish a Strategic Bitcoin Reserve (SBR) through an executive order, intending to use the Treasury's Exchange Stabilization Fund (ESF) to purchase Bitcoin. It is reported that the ESF is a special fund managed by the U.S. Treasury, established in 1934, aimed at supporting the dollar exchange rate and intervening in the foreign exchange market. The ESF plays a critical role in maintaining the dollar exchange rate and supporting international financial stability. As of October 2024, the total assets of the ESF have exceeded $200 billion. If implemented, this plan would place the U.S. in a leading position in the global Bitcoin reserve race.
In this regard, 5Mind Dao analysts pointed out that using ESF funds to purchase BTC, while theoretically feasible, would face significant resistance due to a series of complex legal, procedural, and policy barriers. First, on the legal level, the legal basis for the ESF is the Gold Reserve Act of 1934, which explicitly requires that funds be used for foreign exchange stabilization, international financial policy, etc., and cannot be used for domestic general fiscal expenditures. Currently, Bitcoin is not considered an international currency reserve or a traditional foreign exchange asset.
Although the International Emergency Economic Powers Act (IEEPA) grants Trump (the U.S. President) the right to take special economic measures during a national emergency, the IEEPA is generally used to respond to national security threats, not for purchasing cryptocurrencies. Therefore, this would also raise legal controversies and challenges.
Furthermore, although the ESF funds do not belong to the U.S. government budget, their management is subject to oversight by the U.S. Congress and the Treasury Department. Therefore, if one wishes to utilize ESF funds to purchase Bitcoin, it would require approval or support from Congress, which would also face strong opposition from lawmakers who support traditional financial and monetary policies.
Meanwhile, multiple countries around the world have begun to lay out Bitcoin reserves. For instance, Brazil has proposed allocating 5% of its international reserves to Bitcoin, Polish presidential candidate Slawomir Mentzen has promised to establish a Bitcoin reserve if elected, and Japanese lawmakers are urging the government to consider similar measures. In the United States, Pennsylvania and Texas have taken the lead in taking action, with at least 10 other states drafting relevant bills. However, before these bills are officially implemented, it is unlikely that utilizing ESF funds to purchase Bitcoin will proceed ahead.
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