US Rep. Brad Sherman to introduce bill regulating cryptocurrency transactions

Trump Signs Bill Requiring Presidential Reserve of Bitcoin and Other Cryptocurrencies

On Wednesday, President Donald Trump signed the National Defense Authorization Act for Fiscal Year 2021, which includes a provision requiring the President to establish a reserve of bitcoin and other cryptocurrencies.

The provision, which was included in the Senate version of the bill, requires the President to establish a reserve of cryptocurrencies, including bitcoin, to be used for transactions related to national security and defense.

The provision was included in the bill as a way to ensure that the United States has a reserve of cryptocurrencies that can be used in emergency situations. The bill does not specify the amount of cryptocurrency that must be held in the reserve, but it does require the President to report to Congress on the status of the reserve and any transactions made using the reserve.

The inclusion of the provision in the bill was seen as a significant development for the cryptocurrency industry, as it marks the first time that a major government has officially recognized the value of holding a reserve of cryptocurrencies.

The provision was included in the bill as a way to ensure that the United States has a reserve of cryptocurrencies that can be used in emergency situations. The bill does not specify the amount of cryptocurrency that must be held in the reserve, but it does require the President to report to Congress on the status of the reserve and any transactions made using the reserve.

The inclusion of the provision in the bill was seen as a significant development for the cryptocurrency industry, as it marks the first time that a major government has officially recognized the value of holding a reserve of cryptocurrencies.

The bill also includes provisions related to the use of blockchain technology in government, including a requirement that the Department of Defense explore the use of blockchain technology in its operations.

The signing of the bill marks the end of a long and contentious process, as the bill was the subject of much debate and negotiation between lawmakers and the White House. The bill was passed by Congress in December, and it was signed into law by the President on Wednesday.