On December 17, the Blockchain Association (US Blockchain Association) posted on the social platform X that US President-elect Trump attended the Blockchain Association's annual party and delivered a speech. In his speech, Trump said that he highly recognized the work of the Blockchain Association, and that he (and the next government) would fight for the cause of encryption, provide continuous support for the encryption market, and promised to ensure that Bitcoin and cryptocurrency flourished in the United States and took the lead in the world.
According to Dennis Porter, founder of Satoshi Act Fund, US President-elect Trump plans to establish a Strategic Bitcoin Reserve (SBR) through an executive order and plans 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 US Treasury Department. It was established in 1934 to help support the US dollar exchange rate and intervene in the foreign exchange market. The ESF plays a key role in maintaining the US dollar exchange rate and supporting international financial stability. As of October 2024, the total assets of the ESF have exceeded US$200 billion. If implemented, the plan will give the United States a leading position in the global Bitcoin reserve competition.
In this regard, 5Mind Dao analysts pointed out that using ESF funds to purchase BTC, while theoretically possible, will face significant resistance due to a series of complex legal, procedural, and policy obstacles. First, on the legal front, 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 not for general domestic fiscal expenditures. Currently, Bitcoin is not considered an international monetary reserve or a traditional foreign exchange asset.
Although the International Economic Emergency Powers Act (IEEPA) grants the President of the United States (Donald Trump) the authority to take special economic measures during a national emergency, IEEPA is typically used to address national security threats rather than to purchase cryptocurrencies. Thus, this would also lead to legal disputes and challenges.
Moreover, although 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 use ESF funds to purchase Bitcoin, it must be approved by Congress or gain congressional support, which would face strong opposition from lawmakers supporting traditional finance and monetary policy.
Meanwhile, many countries around the world have begun to position themselves for Bitcoin reserves. For example, Brazil has proposed allocating 5% of its international reserves to Bitcoin, Polish presidential candidate Slawomir Mentzen has pledged 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 are taking the lead, with at least 10 other states drafting related legislation. However, before these bills are officially enacted, it is unlikely that the use of ESF funds to purchase Bitcoin will be prioritized.
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