Did Trump’s Crypto Order Deliver On His Promise Of A Bitcoin Strategic Reserve?

President Donald Trump this week signed an executive order to establish U.S. dominance in the digital asset market and make the country the global center of crypto. But does that order deliver on what Trump said he’d accomplish?

One of Trump’s promises to the crypto industry was the establishment of a “strategic national bitcoin stockpile.” While the crypto industry is generally excited about the order providing legal protections for crypto users and the promise of greater regulatory clarity, some are worried about a perceived pivot from the definite establishment of a national bitcoin stockpile.

Bitcoin (BTCUSD) sold off slightly following the announcement Thursday, though it recovered and was trading close to $105,000 in late-Friday trading.

Confusion Around a ‘National Digital Asset Stockpile’

The executive order established a working group to offer regulatory clarity on a number of issues, including “potential creation and maintenance of a national digital asset stockpile.”

This phrasing creates some confusion. Firstly, the executive order simply discusses the exploration of a “potential” stockpile. Secondly, the language in the executive order is not specific to bitcoin and instead refers to a stockpile of “digital assets.”

It also mentions the possibility of this stockpile being derived from the government’s existing crypto holdings that it has accumulated from various enforcement actions instead of trading cryptocurrencies like the government does for the Strategic Petroleum Reserve.

“‘Stockpile’ is jargon that means holding what they have, but not necessarily buying anything,” Galaxy Digital Head of Research Alex Thorn posted on X. According to data shared by Thorn in his X post, the stockpile would largely be made up of bitcoin rather than alternative digital assets.

Others are worried that the path to creating a bitcoin stockpile may not be entirely hurdle-free.

“As I’ve been saying, we will need legislation for a ‘true’ [strategic bitcoin reserve], and that won’t pass,” posted Castle Island Ventures Partner Nic Carter.

Despite the executive order, the odds of a bitcoin strategic reserve happening in the U.S. this year dropped from a peak of 76% to 61% over the past day, according to prediction market Polymarket.

Protections for Crypto Users and Regulatory Clarity

That said, there is plenty more for the crypto industry to cheer about in the executive order.

“The President’s EO today is mostly about setting up the right processes and teams to improve crypto policy,” Coin Center Executive Director Peter Van Valkenburgh posted on X Thursday.

The crypto industry has often criticized the lack of clarity on regulations as well as the enforcement-driven approach by the U.S. Securities and Exchange Commission. Some of their grievances may have already begun to get redressed.

For example, after the executive order was signed the SEC rescinded a contentious crypto accounting rule called Staff Accounting Bulletin No. 121 (SAB 121) that effectively made it impractical for traditional banks to act as custodians for bitcoin.

“SAB 121 was disastrous for the banking industry, and only stunted American innovation and advancement of digital assets,” U.S Senator Cynthia Lummis, a Republican from Wyoming, posted on X.