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Latest update — Former FTX CEO Sam Bankman-Fried trial [Day 1]
Building a permanent US strategic Bitcoin reserve would likely require targeted legislation rather than executive action, according to VanEck’s head of digital assets, Matthew Sigel. Speaking at Bitcoin 2025 in Las Vegas, Sigel said the most viable path forward may involve inserting Bitcoin mining incentives into the congressional budget reconciliation process.
According to Sigel, the most effective path to growing a US strategic Bitcoin reserve would be through targeted amendments to congressional budget legislation. These could include tax credits for mining companies that use methane gas and other incentives aimed at encouraging miners to share a portion of their mined BTC with the federal government.
He argued that such an approach would allow the reserve to grow organically over time. Sigel also highlighted the limitations of executive actions in achieving this goal:
“The problem with executive action is that it’s going to prompt lawsuits. And anything over $100 million is going to get sued by the Elizabeth Warrens of the world. So, I would say start with something maybe in the Exchange Stabilization Fund for $100 million.”
US President Donald Trump established the US Bitcoin Strategic Reserve through a March 7 executive order. According to the order, the US government can only acquire Bitcoin through budget-neutral strategies or asset forfeiture, prompting a range of different ideas on how to add to the government’s stockpile of nearly 200,000 BTC.
Related: Bitcoin’s new highs may have been driven by Japan bond market crisis
Lawmakers, officials pitch different ideas to grow strategic Bitcoin reserve
Wyoming Senator Cynthia Lummis, the US lawmaker who introduced legislation for a Bitcoin strategic reserve in July 2024, proposed converting a portion of the gold certificates held by the US Treasury to Bitcoin.
Converting gold to Bitcoin would allow the US government to purchase more Bitcoin without incurring a cost to the taxpayer, Lummis said.
Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, echoed the idea in March 2025.
Hines called on the US Treasury to revalue its gold holdings, which are currently priced at just $42.22 per troy ounce, and convert a portion of those gains to Bitcoin. This strategy would also be budget-neutral, Hines said.
The price of gold reached an all-time high of $3,500 per ounce in April but experienced a minor pullback to around $3,300 on May 27.
Magazine: TradFi fans ignored Lyn Alden’s BTC tip — Now she says it’ll hit 7 figures: X Hall of Flame
US President Donald Trump supports the BITCOIN Act and has a team of experts in the White House working to roll out landmark digital asset legislation in the coming weeks, according to Wyoming Senator Cynthia Lummis.
Speaking at the Bitcoin 2025 conference in Las Vegas, Nevada, Lummis said she is bringing the BITCOIN ACT to the “attention of the American people and the world,” adding that, “President Trump supports the bill.”
In March, Lummis reintroduced the BITCOIN Act — landmark legislation that directs the US government to acquire 1 million Bitcoin (BTC) over five years. The acquisitions would be financed using existing funds within the Federal Reserve System and the Treasury Department.
As Cointelegraph reported, the Trump administration has reiterated the need to use “budget-neutral ways” to acquire Bitcoin without burdening taxpayers.
At the Bitcoin Conference, Lummis said the Trump administration has a team working on “digital asset issues,” including legislation on stablecoins, market structure and the Bitcoin Strategic Reserve.
“They will probably roll out in that order,” she said.
“The Senate Banking Committee has passed the stablecoin bill out of committee,” said Lummis, adding:
“We’re getting close to being ready to have it on the floor. We’ve worked for untold hours with the minority party to satisfy them, and we should be voting on it the week before we get back from this break.”
Related: Senator Lummis’ new BITCOIN Act allows US reserve to exceed 1M Bitcoin
GENIUS Act on stablecoins is “going to pass,” says White House crypto czar
The White House seems to be in alignment with Senator Lummis.
Last week, Trump’s top crypto adviser, David Sacks, said the GENIUS stablecoin bill is “going to pass” the Senate with bipartisan support after clearing a key procedural vote on May 19.
GENIUS refers to the Guiding and Establishing National Innovation for US Stablecoins Act, possibly the most comprehensive federal push to establish a legal framework for dollar-pegged stablecoins.
Stablecoins have become one of the most prominent use cases for blockchain technology, with some industry advocates arguing that they could help extend the US dollar’s dominance as the global reserve currency.
Collateralized, dollar-backed stablecoins like Tether’s USDt (USDT) and Circle’s USDC (USDC) account for more than 85% of the $250 billion market, according to CoinMarketCap.
Related: Former CFTC chair criticizes STABLE Act amid calls for urgent regulatory clarity
Peter Mandelson, the UK ambassador to the United States, has told Sky News he “regrets” his association with paedophile Jeffrey Epstein.
Lord Mandelson‘s links to the late billionaire were exposed in a 2019 report by JP Morgan bank, filed in a New York court.
Epstein killed himself in August of that year while awaiting trial on charges of sex trafficking minors.
He had previously served an 18-month sentence after pleading guilty to procuring a person under the age of 18 for prostitution.
Whilst serving that sentence, the JP Morgan report suggests that Mr Mandelson stayed at Epstein’s Manhattan flat.
Epstein wrote to his private banker on 17 June 2009: “Peter will be staying at 71st over weekend…”
At the time, Lord Mandelson was the Business Secretary in the UK government under then-Prime Minister Gordon Brown. He was appointed UK ambassador to the United States in December 2024.
Jeffrey Epstein. File pic: New York State Sex Offender Registry via AP
Sky News asked him if he did, indeed, stay at Epstein’s flat while the disgraced financier was in jail.
He replied: “I’m not answering any questions about him. My knowledge of him is something I regret, I wish I’d never met him in the first place.”
Asked why he had an association with Epstein whilst he was in jail, Lord Mandelson replied: “Why did many people meet him? He was a prolific networker. And I wish I’d never met him in the first place.”
Read more from Sky News:
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As US ambassador, Lord Mandelson represents Britain’s interests in Washington and has vowed to treat Donald Trump‘s administration with “respect, seriousness and understanding of where they are coming from politically”.
This comes after Lord Mandelson described the US president as a “danger to the world”, for which he apologised earlier this year.
He told the Alain Elkann Interviews podcast in 2019: “What Donald Trump represents and believes is an anathema to mainstream British opinion.”
US President Donald Trump, vice president JD Vance, and UK ambassador to the US Peter Mandelson. Pic: AP
Mr Mandelson added: “Even those who have a sneaking admiration for Donald Trump because of his personality, nonetheless regard him as reckless, and a danger to the world.”
But in January this year, Lord Mandelson said he now considered his remarks “as ill-judged and wrong”.
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