Treasury Chief Scott Bessent told the Senate on Thursday that the U.S. administration is moving forward with President Trump’s bitcoin reserve order, but at a pace he described as “deliberate speed” and using “best practices.” The testimony is the most detailed update yet on how the executive order — signed earlier this year — will become reality. Markets have been waiting for concrete steps since the White House first floated the idea of a strategic bitcoin stockpile.
What Bessent said on the Hill
Under questioning from members of the Senate Banking Committee, Bessent confirmed that Treasury has been assigned the lead role in standing up the reserve. He stressed that the process won’t be rushed. “We’re implementing the president’s order at a deliberate speed, applying best practices every step of the way,” Bessent said. He did not offer a date for when the reserve would actually hold bitcoin. The remark suggests the administration is wary of security, custody and market-impact risks that could come from a hasty launch.
Why the timeline matters
The crypto industry has been split on Trump’s reserve plan. Some see it as a long-term bullish signal for bitcoin’s legitimacy. Others worry that a poorly executed government buy-in could distort prices or create a single point of failure. Bessent’s emphasis on caution appears designed to reassure both camps — and to buy the Treasury time to structure the program without a headline-grabbing misstep. The phrase “best practices” hints at internal standards for cold storage, audit trails and disclosure, though no details were released.
Next concrete steps
Bessent said Treasury is still in the “planning and coordination phase” with other agencies, including the SEC and the Federal Reserve. No formal request for bitcoin acquisition has been made. The administration has not set a public deadline for the reserve’s operational date. For now, the only timeline is deliberate — and Washington will be watching for the next hearing or formal update to see if speed picks up or stalls. The exchange-traded-fund-linked bitcoin market continues to trade on sentiment around the reserve, but actual government buying remains a future event.
Whether the deliberate pace turns into bureaucratic gridlock or genuine prudence is the open question. No one on the Hill asked about a plan B if Congress fails to appropriate funds — and Bessent didn’t offer one.
