Growing BTC reserve requires Congressional legislation — VanEck exec
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
The US is seeking the forfeiture of 20.2 BTC seized by the Dallas FBI from the Chaos ransomware group, adding to the country’s proposed Strategic Bitcoin Reserve.
Donald Trump has reignited his row with London mayor Sir Sadiq Khan after calling him a “nasty person” who has done “a terrible job”.
During an hour-long news conference with Sir Keir Starmer in Scotland, the US president hit out at the Labour mayor, who has responded with his own snipey remarks.
Trump latest: US leader gives Putin new deadline to end war
Asked if he would visit London during his state visit in September, Mr Trump said: “I will, I’m not a fan of your mayor, I think he’s done a terrible job.
“A nasty person, I think.”
The prime minister then interrupted and said: “He’s a friend of mine.”
But the president added: “I think he’s done a terrible job but I will certainly visit London, I hope so.”
Sir Sadiq’s spokesperson then released a statement saying: “Sadiq is delighted that President Trump wants to come to the greatest city in the world.
“He’d see how our diversity makes us stronger not weaker; richer, not poorer.
“Perhaps these are the reasons why a record number of Americans have applied for British citizenship under his presidency.”
Sir Sadiq Khan was knighted in June. Pic: PA
They noted that Sir Sadiq has won three mayoral elections, including when Mr Trump lost the US election in 2020.
This is not the first time Mr Trump and Sir Sadiq have locked horns.
Read more:
US and EU agree trade deal
Scots divided as Trump heads to Turnberry
The PM told Mr Trump that Sir Sadiq is a friend of his – seen here laying wreaths for the anniversary of the 7/7 bombings. Pic: PA
During his first presidential term, Mr Trump called the London mayor a “stone cold loser who should focus on crime in London”.
Sir Sadiq then described Mr Trump as a “poster boy for racists”.
And in November 2024, after Mr Trump won his second term, Sir Sadiq said many Londoners would be “fearful” about what it would “mean for democracy”.
However, as Sir Keir tried to show diplomacy with Mr Trump after becoming PM, Sir Sadiq said he “wanted to work closely with the American president” ahead of his inauguration in January.
The London mayor said as somebody “who believes in democracy, and voting and elections, we should recognise the fact that Donald Trump is the elected president of the United States”.
But he added: “Let’s keep our fingers crossed that this president is different from the last time he was president.”
The SEC delayed decisions on the Truth Social Bitcoin ETF and Grayscale’s Solana Trust, extending review periods as the US Congress moves with crypto regulation.
-
Sports3 years ago‘Storybook stuff’: Inside the night Bryce Harper sent the Phillies to the World Series
-
Sports1 year agoStory injured on diving stop, exits Red Sox game
-
Sports2 years agoGame 1 of WS least-watched in recorded history
-
Sports2 years agoMLB Rank 2023: Ranking baseball’s top 100 players
-
Sports4 years ago
Team Europe easily wins 4th straight Laver Cup
-
Sports2 years agoButton battles heat exhaustion in NASCAR debut
-
Environment2 years agoJapan and South Korea have a lot at stake in a free and open South China Sea
-
Environment2 years agoGame-changing Lectric XPedition launched as affordable electric cargo bike