Recent news indicates that another US House of Representatives member plans to introduce new legislation on March 14 to formalize President Donald Trump’s executive order for a Strategic Bitcoin Reserve (SBR). This initiative is part of ongoing attempts by several lawmakers to solidify and safeguard Trump’s cryptocurrency strategy.
New Legislation Aims to Safeguard the US Bitcoin Reserve
On Friday, Bloomberg reported that US Representative Byron Donalds intends to present a bill to enshrine President Trump’s executive order for a national Bitcoin (BTC) reserve. The proposed bill aims to formalize the president’s initiative and shield the strategic reserve from any potentially hostile administrations in the future.
The report states that the bill “would guarantee that the reserve and stockpile could not be dissolved through executive action by a future president.” President Trump signed an executive order on March 6 to create a strategic BTC reserve alongside a “Digital Asset Stockpile” within the US Department of the Treasury.
The executive order specifies that these efforts would be financed by cryptocurrencies seized through governmental criminal and civil forfeiture procedures, which includes the US’s 200,000 BTC holdings and additional digital assets already managed by the Treasury Department.
In remarks to Bloomberg, Donalds expressed that the “Democrats have declared a war” on the cryptocurrency sector, stating it “is time for Congressional Republicans to put an end to it decisively.” The legislation requires a minimum of 60 votes in the US Senate along with a majority in the House to proceed.
The actions being taken by Representative Donalds are part of broader efforts by various US lawmakers to recognize Bitcoin as a strategic asset at both state and national stages under the new, crypto-friendly administration, similar to the initiatives led by Senator Cynthia Lummis to solidify President Trump’s recent executive order.
On Tuesday, US Senator Lummis reintroduced her reserve bill initially put forward last July in the Senate to set up a BTC acquisition program. As previously reported by Bitcoinist, the bill has the backing of Republican Senators Jim Justice, Marsha Blackburn, Bernie Moreno, Roger Marshall, and Tommy Tuberville.
The proposed Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, or Bill S954, is designed to “ensure transparent management of Bitcoin holdings within the Federal Government, to offset costs using specific resources from the Federal Reserve System, and for additional purposes.”
The Senator underscored the importance of this “landmark legislation that will enshrine President Trump’s ambitious vision for establishing the United States Strategic Bitcoin Reserve and fortifying our nation’s economic foundation for generations ahead.”
Divided Opinions Among Lawmakers Over Trump’s Crypto Reserve
At the same time, US Representative Nick Begich has introduced the “Bitcoin Act on 2025,” a complement to Senator Lummis’ legislation, in the US House on Tuesday. This bill, co-sponsored by six Republican Representatives, is “crafted to guarantee that the United States secures its financial independence and sustains its leading role in the global digital economy.”
Begich highlighted the necessity for the United States to establish a formal Bitcoin reserve, akin to its gold reserves, emphasizing that “America cannot afford to lag behind in this financial evolution.”
However, various reports indicate that some Congressional members are opposed to President Trump’s cryptocurrency strategy. Democratic Representative Gerry Connolly recently sent a letter to Treasury Secretary Scott Bessent, urging the termination of the strategic reserve initiatives.
The congressman argued that “Such a reserve offers no clear advantage to the American populace while significantly benefiting the President and his supporters. It would also amount to unsound fiscal policy by favoring specific currencies through social media and squandering taxpayer funds.”
Additionally, the letter requests documents and communications pertaining to the reserves, asking for a “detailed list of safeguards in place to prevent government officials from financially benefiting from the strategic cryptocurrency reserve.”
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