Из жизни альткоинов

On Tuesday, a group of Senate Democrats unveiled a set of key principles aimed at shaping future legislation to regulate the cryptocurrency space under the anticipated market structure bill. 

Spearheaded by Senators Ruben Gallego, Mark Warner, Kirsten Gillibrand, and Cory Booker, this framework seeks to address the pressing issues surrounding market structure and regulatory clarity.

New Regulatory Roadmap

The senators described their proposal as a “substantive road map” designed to facilitate effective bipartisan negotiations. They emphasized that achieving a new regulatory framework would require time and collaboration with their Republican counterparts. 

This initiative comes in the wake of Senate Republicans releasing their own discussion draft in July, which was updated just last week. However, that proposal has yet to gain any traction with Democratic senators.

Central to the Democrats’ framework is that the Commodity Futures Trading Commission (CFTC) can be granted exclusive jurisdiction over non-security cryptocurrency markets. Additionally, the senators suggest that regulatory bodies provide clear guidance on how existing securities laws apply to digital assets. 

The senators pointed out that uncertainty regarding digital assets’ regulatory status has created obstacles for new businesses attempting to navigate the existing financial rulebook. 

They noted that the rapid growth of digital assets has exposed significant gaps in current regulations, leaving investors vulnerable to scams and fraud due to insufficient safeguards.

Democratic Push For Crypto Restrictions 

To address these concerns, the framework advocates for the Securities and Exchange Commission (SEC) to incorporate digital assets and their platforms into the current regulatory framework. It calls for the establishment of an effective oversight regime for decentralized finance (DeFi) protocols and platforms. 

Furthermore, the proposal suggests that digital asset platforms should be registered as financial institutions under the Bank Secrecy Act, which would impose rigorous record-keeping and reporting requirements aimed at combating money laundering.

While many of the principles outlined by the Democrats align with those previously suggested by Republicans, certain aspects of the proposal, particularly those concerning President Trump and his family’s involvement in the crypto industry, may encounter resistance. 

Throughout the year, the Trump family has significantly increased its exposure to cryptocurrency through the launch of the official TRUMP and MELANIA memecoins, the DeFi platform World Liberty (WLFI), and the mining venture American Bitcoin (ABTC). 

As a result, the Democrats seek to prohibit elected officials and their family members from issuing, endorsing, or profiting from digital assets, as well as establish reporting requirements for crypto holdings.

Moreover, the framework emphasizes the need for bipartisan cooperation at the SEC and CFTC, advocating that commissioners from both parties must participate in digital asset rulemakings to ensure balanced governance. 

The senators asserted that a bipartisan regulatory process is essential for creating enduring and effective rules that will foster stability and legitimacy in the digital asset markets.

Featured image from DALL-E, chart from TradingView.com 

Председатель Центрального банка Армении Мартын Галстян заявил, что криптовалюты сопряжены с серьезными рисками, поскольку они могут использоваться для финансирования незаконной деятельности.

In an announcement made earlier today, US-based blockchain company Ripple said that it had inked an agreement with leading Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) to provide the financial institution with Bitcoin (BTC) and Ethereum (ETH) custody services.

Ripple To Provide Bitcoin, Ethereum Custody Services To BBVA

Ripple, the blockchain firm behind the XRP token, today said it had partnered with BBVA to provide its digital asset custody solution to the bank. To recall, in July 2025, BBVA announced the launch of its Bitcoin and ETH trading and custody services for all retail customers in Spain.

According to today’s announcement, Ripple will offer Ripple Custody – its institutional-grade digital asset self-custody technology – to BBVA to help it benefit from a scalable and secure custody service for tokenized assets, including digital assets.

Cassie Craddock, Managing Director of Europe at Ripple, said that with the implementation of the European Union’s (EU) Market’s in Crypto-Assets regulation (MiCA) across the continent, it has become easier for the region’s banks to offer digital asset services to their customers.

For the uninitiated, Europe’s MiCA is the EU’s comprehensive legal framework designed to regulate digital assets, stablecoins, and other related service providers across all member states. 

Ripple Custody will enable BBVA to meet rapidly increasing customer demand for access to digital assets such as BTC and ETH. At the same time, it will also ensure that the bank fulfills the strict regulatory, security, and operational requirements. Francisco Maroto, Head of Digital Assets at BBVA said:

Ripple’s custody solution allows us to leverage proven and trusted technology that meets the highest security and operational standards, allowing BBVA to directly provide an end-to-end custody service to its customers. Through this agreement we can deliver on our goal of supporting our customers to explore digital assets, backed by the strength and security of a bank like BBVA.

It is worth highlighting that the agreement between BBVA and Ripple is just the latest chapter in the relationship between the two entities. Ripple already provides crypto custody solutions to Turkey-based Garanti BBVA and BBVA Switzerland.

Crypto Custody Solutions In Focus

Over the past month, several developments have occurred in the industry pertaining to crypto custody solutions. For instance, recently Ripple joined forces with UAE-based Ctrl Alt to expand its crypto custody services.

A favorable stance toward digital assets in the US is a key factor encouraging banks to offer crypto custody solutions to their clients. For example, US Bancorp recently resumed its Bitcoin custody services after a hiatus of three years.

In similar news, the “big three” banking regulators in the US – namely the OCC, Federal Reserve, and FDIC – recently jointly issued guidance on how banks should approach the custody of digital assets. At press time, Bitcoin trades at $111,040, down 1.2% in the past 24 hours.

Сын американского президента Дональда Трампа, Эрик Трамп, заявил, что сейчас криптоинвесторы находятся на грани финансовой революции. Он спрогнозировал взрывной рост крипторынка в ближайшие 12-18 месяцев.

Crypto Exchange Gemini has reportedly secured American stock exchange Nasdaq as a strategic partner with a $50 million investment ahead of its Initial Public Offering (IPO) this week.

Nasdaq To Back Gemini With Strategic Investment

On Tuesday, Reuters reported that Nasdaq is set to invest $50 million in the Winklevoss twins’ Gemini Space Station Inc. in a private placement during the crypto exchange’s IPO, scheduled for September 12, 2025.

The crypto exchange recently announced its plan to offer 16.7 million shares priced between $17 and $19 under the ticker name “GEMI,” with a potential raise of approximately $317 million.

According to anonymous sources close to the matter, the strategic partnership will give Nasdaq’s clients access to Gemini’s custody and staking services. Meanwhile, the crypto exchange’s institutional clients will have access to the stock exchange’s Calypso platform for collateral management and tracking trading activity.

The partnership is reportedly non-exclusive, and the company’s plans “are subject to market conditions and could change,” Reuters sources cautioned.

According to the S-1 filing reviewed by Bloomberg, Gemini said it had entered into an agreement with Nasdaq for the purchase of its Class A common stock. The deal will close immediately after its offering and was “agreed at a per-share price equal to Gemini’s IPO price less underwriting discounts and commissions,” but will be subject to certain closing conditions.

“We continue to expand our capabilities to serve our institutional clients and the broader investor universe as the regulatory landscape around crypto assets evolves,” a Nasdaq spokesperson told the news media outlet.

Nasdaq’s Push For Tokenization

The partnership with Gemini follows the American stock exchange’s push for tokenized securities. As reported by Bitcoinist, Nasdaq recently submitted a filing to the US Securities and Exchange Commission (SEC) to enable the trading of tokenized versions of traditional stocks on its platform.

Nasdaq President Tal Cohen highlighted the potential of integrating tokenization and blockchain technology with traditional market infrastructure, affirming that the fusion could offer significant advantages to both issuers and investors.

Similarly, Kraken met with the SEC’s Crypto Task Force last month to discuss the tokenization of traditional assets, the possibility of a tokenized trading system in the US, the regulation of crypto assets, and the legal and regulatory framework for operating said system.

Amid the industry’s momentum and favorable regulatory changes in the US, Coinbase has reportedly sought the SEC’s approval to offer tokenized stocks to its customers. Notably, the emerging sector is a “huge priority” for the exchange, Coinbase’s CLO Paul Grewal told Reuters in June.

Nonetheless, some traditional players have shared their doubts about the sector. Recently, the World Federation of Exchanges (WFE) called on securities regulators to crack down on tokenized equities, claiming that the blockchain-based tokens “create new risks for investors and could harm market integrity.”

In a letter sent to multiple global regulators, the coalition expressed its concerns that these tokens “mimic” stocks without providing the same rights or trading safeguards. They also urged the watchdogs to apply securities rules to tokenized assets, clarify legal frameworks for ownership and custody, and prevent the tokens from being marketed as equivalent to stocks.

Vietnam has launched a state-run pilot to allow the offering, issuance and trading of crypto assets under strict rules. The Resolution takes effect on September 9, 2025, and will run for five years.

According to the text of the measure, the program tightly limits who may issue tokens, who may run trading markets, and how both foreign and domestic investors may take part.

Vietnam’s Deputy Prime Minister Ho Duc Phoc has signed the resolution that sets out a framework for the issuance and trading of crypto assets, the Government Electronic Newspaper of Vietnam reported Tuesday.

High Capital And Institutional Rules

Organizations that want to run crypto trading markets must meet steep capital and ownership tests. The Resolution sets a minimum contributed charter capital of 10,000 billion Vietnamese Dong.

At least 65% of that charter capital must be held by organizations, and over 35% must be held by at least two institutions such as commercial banks, securities companies, fund managers, insurance firms or tech firms.

Foreign ownership in licensed providers is capped at 49%. Leadership and staff rules are also strict: the General Director must have two years of relevant experience and the Chief Technology Officer must have five years, the resolution states.

Firms must employ at least 10 staff in technology roles with certified network security training, and at least 10 staff with securities practice certificates. The infotech system must meet Level 4 information security standards before it goes live.

Asset Backing And Investor Access

Based on reports, tokens issued in the pilot must be backed by real underlying assets. Securities and fiat currencies are not allowed as underlying assets. Offerings may be directed to foreign investors, and trading among foreign investors must occur through service providers licensed by the Ministry of Finance.

Issuers are required to publish a prospectus and related documents at least 15 days before an offering. Participants are responsible for making sure public information is accurate and timely.

Services Allowed And Risk Controls

Licensed crypto-asset service providers will be allowed to organize trading markets, offer custody, operate issuance platforms and self-trade within the rules. Providers must have clear processes for risk management, deposit and asset handling, transaction and payment flows, AML/CFT checks and monitoring for financing of weapons of mass destruction.

Internal control and transaction monitoring systems must be in place, along with procedures for handling conflicts of interest, customer complaints and compensation, according to the resolution.

Trading Controls And Penalties

Domestic investors may open accounts with licensed providers to deposit, buy and sell crypto assets. But six months after the first crypto-asset service provider is licensed, any domestic trading that bypasses licensed platforms will face administrative sanctions or criminal prosecution depending on the violation’s severity.

Featured image from Unsplash, chart from TradingView

Cboe, one of the world’s leading derivatives exchanges, has announced plans to launch continuous futures for the leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), pending regulatory approval. 

In response to growing investor interest in digital assets, this new product suite is set to debut on November 10. This marks a significant development for the US crypto market under the new regulatory regime envisioned by President Donald Trump, who aims to make America the “crypto capital of the world.” 

Cboe’s Shift To Meet Market Demand

According to a press release issued on Tuesday, these continuous futures will provide a more “streamlined and efficient way” for traders to engage with cryptocurrencies, execute trading strategies, and manage risk.

Unlike traditional futures contracts, which often necessitate periodic rolling, Cboe’s continuous futures will be designed as single, long-dated contracts with a ten-year expiration. 

The contracts will be cash-settled and linked to real-time spot market prices for Bitcoin and Ethereum, incorporating daily cash adjustments, utilizing a funding rate methodology, ensuring that the pricing remains closely aligned with the underlying assets.

At the recent HOOD Summit in Las Vegas, Catherine Clay, Cboe’s Global Head of Derivatives, emphasized the significance of this potential launch. She noted that perpetual-style futures have seen robust adoption in offshore markets, and Cboe aims to replicate that success within the US regulatory framework. 

Under Trump’s second administration in the White House,  regulators such as the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have united to provide a more eased stance toward crypto.

The agencies have dropped crypto enforcement cases against exchanges such as Binance, Coinbase, and Uniswap that began under the leadership of former SEC Chair Gary Gensler. However, the passage of key crypto bills in Congress and the House seems to signal a new dawn for digital assets in the US. 

This has prompted major institutions in the traditional finance sector to adopt cryptocurrencies like Bitcoin and Ethereum as treasury reserve assets, being one of the most important trends that has emerged this year under the new administration. 

By introducing these products, Cboe expects to cater not only to institutional market participants and existing customers of its Cboe Futures Exchange (CFE) but also to a growing segment of retail traders eager to access crypto derivatives.

Bitcoin Slips, Ethereum Follows Suit

This initiative is part of Cboe’s broader strategy to diversify and enhance its Cboe Futures Exchange product offerings. In addition to the Cboe Volatility Index (VIX) futures, the exchange aims to further expand its services with products related to equity volatility, digital assets, and global fixed income.

The new continuous futures for Bitcoin and Ethereum will be cleared through Cboe Clear US, a derivatives clearing organization regulated by the Commodity Futures Trading Commission. 

As of press time, the leading cryptocurrency, Bitcoin, trades at $111,400, recording a 1.2% drop in the 24-hour time frame. During the same period, Ethereum has dropped 1.5%, trading at $4,292. 

Featured image from DALL-E, chart from TradingView.com 

CoinShares, Europe’s largest digital asset manager with approximately $10 billion in assets under management, has announced plans to go public in the United States through a $1.2 billion merger with Vine Hill Capital, a Nasdaq-listed special purpose acquisition company (SPAC).

The transaction would see CoinShares shift from Stockholm to Wall Street, signaling a major step in its bid for global dominance.

Ranked as the fourth-largest digital asset exchange-traded product (ETP) manager globally, behind BlackRock, Grayscale, and Fidelity, CoinShares currently holds a commanding 34% market share in Europe.

Over the past two years, its assets under management have tripled, fueled by strong inflows and the rapid expansion of its product lineup, which has grown from just four offerings in 2021 to 32 across multiple platforms.

A Unique Approach Into the U.S. Market

CEO Jean-Marie Mognetti described the move as “far more than a venue change,” framing the Nasdaq listing as a gateway to global leadership. He highlighted the U.S. as the hub of digital asset innovation, where institutional demand and improving regulatory clarity are creating fertile ground for expansion.

CoinShares operates with industry-leading margins, 76% adjusted EBITDA in the first half of 2025, and has built a diversified business model based on recurring fee revenues supplemented by trading activities.

With its proven European strategy, the company now seeks to capture U.S. investors by introducing a broader suite of digital asset products, including tokenized real-world assets.

What the CoinShares Nasdaq Debut Means for Crypto

The $1.2 billion deal, priced at a discount compared to peer valuations, includes a $50 million institutional anchor investment.

Both company boards have approved the merger, which is expected to close in the fourth quarter of 2025, pending shareholder and regulatory approval. Upon completion, the combined entity will trade under Odysseus Holdings Limited.

The timing of CoinShares’ U.S. expansion coincides with a wave of favorable regulatory developments, including the rollback of restrictive SEC policies and the drafting of new legislation aimed at fostering a clearer market structure for crypto.

If successful, CoinShares’ Nasdaq debut could not only strengthen its foothold in the world’s largest asset management market but also set a precedent for how European crypto firms scale globally.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Bitcoin is beginning to show signs of renewed bullish energy, with the price testing the $113,000 resistance level after weeks of mixed sentiment. The move comes as many altcoins are gaining strength, suggesting that the broader crypto market is preparing for decisive action. The next few days are set to be crucial, as investors eagerly await the upcoming US Federal Reserve meeting, where speculation is building around a potential interest rate cut. Any monetary policy shift from the Fed could significantly impact liquidity flows into Bitcoin and risk assets.

At the same time, the structure of Bitcoin’s investor base is changing. According to top analyst Maartunn, the number of addresses holding more than 1,000 BTC has been declining rapidly in this cycle. Meanwhile, addresses holding between 100 and 1,000 BTC are on the rise. This shift highlights a redistribution of supply, where large entities appear to be reducing exposure while smaller but still significant players increase their holdings.

Bitcoin Supply Shift: From Big Fish To Medium Players

Maartunn explains that the current “Big Fish Down, Medium Players Up” dynamic highlights a fundamental shift in Bitcoin’s ownership structure. This transition reflects a supply redistribution, where massive concentrations of Bitcoin in the hands of a few whales are giving way to medium-sized players, many of whom are linked to ETF custody wallets and institutional investment structures.

This development carries major implications for the market. When Bitcoin is concentrated in fewer hands, price action can be vulnerable to abrupt swings triggered by large single-entity decisions. By contrast, supply spread across more medium players tends to create a more resilient and liquid market structure, less prone to outsized shocks. ETF custody wallets, in particular, represent a more transparent, regulated, and demand-driven form of holding, aligning Bitcoin closer with traditional financial infrastructure.

Unlike previous cycles, institutional involvement is now playing a decisive role. From ETFs in the US to treasury strategies in Japan, institutional adoption has reshaped how Bitcoin supply is absorbed after each rally. Instead of chaotic peaks followed by sharp drawdowns, the market now shows stretched-out tops and segmented distribution phases.

This structural evolution could mark a turning point for Bitcoin, where long-term sustainability increasingly outweighs speculative frenzy, setting the stage for a more mature bull market cycle.

Price Action Reveals Growing Momentum

Bitcoin (BTC) is showing signs of recovery after weeks of volatility, currently trading around $112,902 on the 12-hour chart. The price has managed to reclaim momentum following a bounce from the $110K support, but it now faces a critical resistance test. The chart highlights BTC pressing against the 50-day moving average (blue line), which sits just above the current price. A clean break above this level would strengthen the bullish case and potentially open the door toward the $115K–$117K range.

On the downside, the 200-day moving average (red line) remains intact near $112K, providing short-term support. This convergence of moving averages creates a narrow trading zone, meaning that the next decisive move could trigger a larger breakout. The ultimate resistance remains at $123,217, the local high marked in August.

Failure to sustain above $112K could result in another pullback toward $110K. On the flip side, a breakout with strong momentum above $115K could confirm a renewed rally. The market remains highly sensitive to macroeconomic signals, particularly the upcoming Federal Reserve decision, which could drive volatility in the coming days.

Featured image from Dall-E, chart from TradingView

According to a Polymarket poll titled “Who will Trump pardon in 2025,” Changpeng Zhao is the favored candidate for a presidential pardon, drawing 36% of bets on the decentralized prediction site.

Polymarket Puts CZ Ahead

Polymarket’s numbers show strong speculative interest in Zhao’s fate. A 36% share of bettors is a large lead in a market where votes are driven by opinion and information, not official process.

Based on reports, the poll reflects what some traders expect rather than any formal signal from the White House. Prediction markets can move fast when new facts appear, and their prices are watched because they capture a slice of public expectation.

Congressman George Santos and entrepreneur Roger Ver also made the list, each drawing 10% support from bettors for a Trump pardon. Other names listed by participants include Steve Bannon, Rudy Giuliani, and Sean “Diddy” Combs.

Source: Polymarket

Legal Background And Public Comments

Zhao pleaded guilty in November 2023 to failing to maintain an effective anti-money laundering (AML) program at Binance.

That conviction led to his resignation as CEO. Reports have disclosed that Zhao publicly hinted at the possibility of a pardon after US President Donald Trump’s controversial December 2024 pardon of Hunter Biden,

He also confirmed on a podcast in May that he had formally filed a pardon application with the White House.

Legal And Political Pressure Builds

Key Democratic lawmakers responded quickly after news of Zhao’s pardon filing and related business moves.

Senators led by Elizabeth Warren addressed a letter to White House Counsel David Warrington and Deputy Attorney General Todd Blanche asking for clarity on the status of any pardon.

Reports cite concerns about a separate $2 billion deal announced by Binance, Emirati firm MGX, and World Liberty Financial (WLF) involving a stablecoin called USD1, which those senators said raises questions given the overlap of business ties and a pardon request.

On Trump, Bettors, And The Limits Of Speculation

Polymarket’s snapshot puts Zhao well ahead of other high-profile names, but a market position is not a legal verdict. Pardons are political acts made by the president; they can be influenced by many forces, and not all rumored candidates end up receiving one.

Betting data shows where attention is focused, and it can affect perceptions, but it does not determine the White House’s choice.

Featured image from Entrepreneur, chart from TradingView

The Dogecoin price is expected to stage a breakout in the days ahead, with crypto analysts highlighting key catalysts that could drive this rally. Despite weeks of sideways movement and steady dumping by whales, attention is now shifting to emerging technical indicators and a potential Dogecoin ETF as possible triggers for a price explosion this week. 

ETF Buzz Signal Dogecoin Price Surge This Week 

According to a TradingView analyst identified as ‘CryptoJobs,’ the possibility of Dogecoin’s first-ever ETF launching in the United States as early as next week could trigger an explosive price surge. This development would mark a major milestone for the popular meme coin, granting it unprecedented visibility and legitimacy within the broader financial system. 

Historically, ETF approvals have fueled rallies across the crypto market, with Bitcoin and Ethereum experiencing notable spikes after similar announcements. Beyond the ETF hype, CryptoJobs highlights a key technical setup that further paints a bullish picture for the Dogecoin price trajectory. 

They note that Dogecoin is forming a classic Falling Wedge pattern on its 4-hour chart. Based on past trends, this pattern is considered a bullish reversal setup, often signaling that a breakout to the upside is near. The chart also illustrates that Dogecoin is moving within a solid medium-term accumulation phase, consolidating around key levels.

These key price levels align with a long-term support range, which CryptoJobs identifies between $0.205 and $0.207. As price consolidates within the Falling Wedge, the analyst predicts that an explosive move of at least 15% could unfold as early as next week, potentially fueled by News of a Dogecoin ETF. 

The chart points to a potential upward rally toward $0.26 if DOGE sustains its bullish momentum. Further upside targets are projected near $0.277 and $0.28, while key support levels rest in the $0.21 to $0.19 range.

Analyst Identifies Two Short-term Targets For DOGE

Another well-followed TradingView analyst, Klejdi Cuni, has shared his perspective, pointing to two clear targets for Dogecoin’s next upward leg. Cuni highlights the strong support area around $0.207, which has repeatedly acted as a springboard for price rebounds over the past month.

Each time DOGE has tested this level, it has bounced back with strong bullish momentum, reinforcing confidence in the area as a base for higher prices. In his latest chart analysis, the market expert outlines the potential for a minor pullback into the $0.213 – $0.216 range before momentum resumes. 

From there, his key upside targets are $0.23 and $0.24. These levels represent previous zones where price faced resistance, making them realistic short-term goals for traders watching the market closely. Cuni’s optimistic projection is further supported by a small bullish continuation pattern that has formed on the Dogecoin price chart.

The US House Appropriations Committee has advanced H.R. 5166 — the Financial Services and General Government (FSGG) spending bill for FY2026 — with language that would formally direct the Treasury Department to spell out how the federal government will custody Bitcoin and other digital assets it acquires, explicitly including holdings earmarked for the newly created Strategic Bitcoin Reserve. The bill was reported on September 5, 2025, as House Report 119-236 and placed on the Union Calendar.

Congress Demands Public Information On Bitcoin Reserve

At the statutory level, Section 138 of the reported bill requires the Treasury, within 90 days of enactment, to deliver a public plan for the “secure and efficient custody” of federal digital assets, “including assets held under the Strategic Bitcoin Reserve and the US Digital Asset Stockpile.” The plan must delineate custody architecture, legal authorities, cybersecurity controls, and interagency workflows for transfers and safekeeping.

Section 137 adds a second mandate: a report on the practicability of establishing the reserve and the related stockpile, addressing potential barriers, the expected impact on the Treasury Forfeiture Fund, how Bitcoin and other digital assets would be presented on the federal balance sheet, and any third-party contractors used for custody. Read together, the two sections would force the Treasury to clarify both whether and how the federal government will maintain long-term Bitcoin holdings — and what that means for government accounting and forfeiture-fund mechanics.

The committee report accompanying the bill underlines Congress’s intent to track the flow of seized assets into the program. It directs the Treasury to provide monthly tables of the Forfeiture Fund’s activity, including any “diversions from the Forfeiture Fund to the Bitcoin Strategic Reserve and/or the digital asset stockpile.” That same report section labels the custody directive “Custody of Digital Assets,” emphasizing strong safeguards to prevent loss, unauthorized access, or liquidation.

The push comes six months after the White House issued Executive Order 14233, which created both the Strategic Bitcoin Reserve and the US Digital Asset Stockpile by consolidating government-owned crypto seized in criminal and civil cases. The order states that government BTC placed into the reserve “shall not be sold,” positioning Bitcoin as a strategic asset held for national objectives subject to law. It also instructs Treasury and Commerce to develop ways to acquire additional government BTC on a budget-neutral basis.

H.R. 5166 would also bring the national-security community into the loop. Section 139 directs the Treasury Secretary and the Director of the National Security Agency to provide a classified report on inter-agency coordination within 90 days of enactment — a signal that lawmakers see digital-asset custody (and key management) as an operational risk surface as well as a balance-sheet question.

The legislative pressure is occurring alongside separate efforts to codify the reserve. In March, Rep. Byron Donalds introduced H.R. 2112 to give the executive order “the force and effect of law,” while other measures, such as H.R. 2032, have proposed building out a decentralized, cold-storage reserve network for government BTC. None of those standalone bills has been enacted, but the appropriations route, if passed, would time-box the Treasury to deliver concrete answers shortly after the spending bill becomes law.

What Changes If H.R. 5166 Becomes Law?

First, the Treasury would owe the public a detailed custody blueprint, not just internal memoranda or ad-hoc practices developed for asset seizures. Second, Congress would receive an analytical roadmap for how a Strategic Bitcoin Reserve and stockpile would interact with forfeiture processes and the federal balance sheet — key inputs for any future decision to scale the program beyond seized assets.

Third, the classified NSA-Treasury report would institutionalize security coordination around wallet infrastructure and interagency transfers. Together, those steps would shift the federal government’s handling of Bitcoin from case-by-case liquidation towards a defined reserve posture aligned with the March 6 policy that reserve BTC is not to be sold.

However, the measure does not itself appropriate BTC, purchase Bitcoin on the open market, or authorize immediate diversions into the reserve; it sets reporting and planning obligations contingent on enactment of the underlying appropriations bill. The House-reported text must still clear the full House, the Senate, and reconciliation before reaching the President’s desk. Until then, the timelines — “within 90 days of enactment” — are prospective.

At press time, BTC traded at $112,700.