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Treasury Secretary Doubles Down on Bitcoin as Strategic Reserve
Treasury Secretary Scott Bessent has been making headlines this week with significant developments in both cryptocurrency policy and departmental leadership changes. During a private dinner meeting with CleanSpark Executive Chairman Matthew Schultz, Bessent confirmed that the United States government plans to continue accumulating Bitcoin as part of a broader digital asset strategy. The Treasury currently holds approximately seventeen billion dollars worth of Bitcoin, and Bessent emphasized that there are no plans to sell these holdings. Instead, the government is looking to expand its position and establish what officials are calling a Strategic Bitcoin Reserve.
The conversation with Schultz covered multiple topics including the crypto market structure bill, which aims to provide clearer regulatory frameworks for digital currencies, and the overall state of the American economy. This meeting represents growing engagement between senior policymakers and the Bitcoin mining sector, with Bessent positioning the United States as a global hub for digital assets. The government's Bitcoin holdings were primarily acquired through law enforcement actions and asset seizures over several years.
In other Treasury Department news, Bessent announced on October seventh that Derek Theurer will perform the duties of Deputy Secretary of the Treasury. Theurer joined the department back in January, initially serving as counselor and assisting with global tax negotiations and the implementation of tax cuts. He was nominated for the position of Legislative Affairs deputy under secretary in March and brings expertise in accounting, law and taxation to his expanded role. This appointment comes after former Deputy Secretary Michael Faulkender departed in August after just five months in the position.
Additionally, Bessent has been serving as acting IRS commissioner following the departure of Billy Long, who left the agency to become ambassador to Iceland. On Monday, Bessent named Frank Bisignano to a newly created position of IRS CEO, marking another significant personnel move within the Treasury's sphere of influence.
These developments demonstrate Bessent's active approach to both emerging financial technologies and organizational leadership during a period of significant change within the department.
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Published on 5 days, 21 hours ago