Prior to the White House Great Crypto Summit, an anonymous senior official revealed the first step the US will take with Bitcoin reserves!

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According to a senior White House official, the United States government will conduct a comprehensive audit of existing cryptocurrency assets as one of the first steps after establishing a separate stock consisting of Strategic Bitcoin Reserve and other digital assets.

The announcement was made ahead of an industry summit where key figures in the crypto sector will participate.

President Donald Trump had signed an executive order late Thursday to create an additional stock consisting of Strategic Bitcoin Reserve and other digital assets to be financed with crypto money lost in legal transactions. The order specifies that the reserve will aim to hold Bitcoin while the stock will consist of other digital assets obtained through legal channels.

The U.S. government had previously held a significant amount of Bitcoin, especially after the closure of the Silk Road exchange. According to a senior official, at one point it controlled about 400,000 Bitcoins, but roughly half of that amount has been sold since then.

Currently, it is estimated that the government has approximately $17.5 billion worth of Bitcoin and around $400 million worth of various other digital assets, based on data from the blockchain research firm Arkham.

The administrative order instructs the Treasury and Trade departments to develop 'budget-independent strategies' to increase Bitcoin assets for reserves without imposing additional costs on taxpayers. However, the government will not acquire additional cryptocurrencies beyond those obtained through general stock seizure operations.

Trump's instruction, published before today's meeting at the White House to discuss supporting the administration's policies and the future of cryptocurrency regulations under his leadership. The meeting follows an increased regulatory scrutiny period, particularly after the collapse of the FTX exchange, during President Joe Biden's term in office.

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