U.S. Treasury Secretary Scott Bessent said this week his department is working 'with all deliberate speed' to carry out Donald Trump's 2025 executive order creating a strategic Bitcoin reserve and a separate digital asset stockpile. The comment, the first detailed update from the Treasury on the initiative in months, signals the administration remains committed to the plan — but at a pace that suggests caution over urgency.
Bessent's phrasing
Bessent used the phrase during a brief public appearance, offering no timeline or specific milestones. 'All deliberate speed' is a familiar construct in U.S. legal and bureaucratic circles, typically indicating an intent to move forward while not rushing. But without a deadline attached, the remark leaves wide room for interpretation on when — or how — the Treasury actually acquires assets.
The 2025 order's scope
Trump's January 2025 executive order instructed the Treasury to establish both a strategic Bitcoin reserve and a digital asset stockpile. The reserve is aimed at holding Bitcoin as a national strategic asset, while the stockpile would cover other cryptocurrencies. At the time, the order was hailed by crypto advocates as a landmark move putting the U.S. government directly into crypto accumulation. Implementation, however, has been invisible — no purchases, no public inventory, no framework had been released before Bessent's statement.
Slow motion
The crypto industry has been pressing for clarity since the order's signing. The absence of any visible activity led to speculation that the initiative had stalled or been deprioritized. Bessent's statement this week dispels that notion — the Treasury says it is actively working on it — but the phrase 'all deliberate speed' is not the green light many were hoping for. It suggests the agency is still working through legal, logistical, and possibly inter-agency hurdles before buying begins.
Market watching
Bitcoin's price has fluctuated amid uncertainty over U.S. government buying. A strategic reserve would make the U.S. one of the largest sovereign holders, and the prospect of regular purchases could provide a price floor. But Bessent offered no details on the size of the reserve, the acquisition method, or a start date. The market reaction to his comment was muted, with Bitcoin holding steady around late-May levels.
Unanswered questions
The Treasury has not said whether it will acquire Bitcoin through open-market purchases, seizures from criminal cases, or a dedicated funding mechanism. It has not issued a request for proposal or revealed any internal deadlines. Bessent's update settles one question — the project is alive — but leaves many others open. The next concrete sign may come when the Treasury files a required report to Congress, though no date for that has been set. For now, the crypto market will have to wait on Bessent's 'deliberate speed' — a phrase that, in practice, means speed is not the priority.
