The U.S. Treasury is already building out a Strategic Bitcoin Reserve, using cryptocurrency coins accumulated through criminal forfeitures, as well as funds from civil penalties and unspent research allocations across multiple government agencies, Bitcoinist reports.

Bo Hines, executive director of the Presidential Council of Advisers on Digital Assets, confirmed the use of seized or previously held Bitcoin for the reserve at a Senate Banking Committee hearing on June 27.

The next phase for the reserve will be for Congress to pass laws enabling the Treasury to acquire Bitcoin “in budget-neutral ways that don’t cost the taxpayer a dime,” Hines said. “The president was clear about that about that.”

Referring to President Donald Trump’s executive order of March 6 on digital assets, Hines said that the order “mandated an accounting to take place in which the Treasury (is) spearheading that (the Bitcoin Strategic Reserve).

“We’ve stated publicly that Bitcoin is digital gold,” Hines continued. “We believe it’s in the best interest of the United States to garner as much as we can possibly get.

A related bipartisan bill, the GENIUS Act, or the Guiding and Establishing National Innovation for U.S. Stablecoins Act, to regulate stablecoins as payment, passed the Senate on June 17 and is on track to reach President Trump’s desk for signing in July.

The Senate is also working on a broader cryptocurrency market structure bill, with the Banking Committee aiming to mark up the bill in September and hoping to pass it shortly thereafter.

White House “AI and Crypto Czar” David Sacks confirmed on X: “Thank you to Senate Banking Committee Chair Senator Tim Scott and Digital Assets Subcommittee Chair Senator Lummis for announcing a clear timeline and plan for comprehensive crypto market structure legislation: Bill introduced before August recess, Mark up first week of September, Done by end of September. President Trump supports CLARITY on market structure as well as GENIUS on stablecoins. Let’s get this done! July will be a big month, with a bill signing for GENIUS, and CLARITY going to the Senate!”

At press time, Bitcoin was trading at $107,594.