28th April 2026 > > BTC strategic reserve, & the CLARITY Act.

tl;dr

The US BTC strategic reserve makes a reappearance, but its chances of success seem limited. The CLARITY Act looks to be dead and buried.

Market Snap

Market Wrap

The BTC trading range is very narrow, a situation which is unlikely to persist for too long.

Curious Cryptos’ Commentary – Yano knows

Curious Cryptos’ Commentary – As does Alexa Web3

Curious Cryptos’ Commentary – The US BTC strategic reserve

In March 2025, Trump signed an executive order for the US to build a strategic reserve of BTC in a budget-neutral way. What that means in practice is that the US government would not start initially by buying BTC, but it would stop selling the BTC obtained from criminal or civil forfeiture proceedings.

It is hard to find precise numbers, but best estimates are that the US government has seized about 400,000 BTC, of which approximately half has been sold. Total proceeds are less than $400mm though 200,000 BTC today would be valued at more than $15bn, a graphic demonstration of the importance of having diamond hands and further proof that hot money that is used for mere speculation is a fast and furious way of losing that money.

Senator Cynthia Lummis has twice introduced a bill to create a BTC strategic reserve – the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, or BITCOIN Act. This went further than the executive order for it set a target of acquiring 1mm BTC within five years using a variety of means that remained budget-neutral, including the oft-discussed revaluation of the US’s gold reserves. Little to no legislative progress has been made, which is a real disappointment.

Congressman Nick Begich is planning to re-introduce the same bill, but re-branded as the American Reserves Modernization Act (ARMA). He seems convinced that this cosmetic change is all that is required.

We all hope he is right, but he doesn’t help the cause with comments like this made at Bitcoin2026:

"We don't know what the next administration is going to be like. What is their stance going to be on bitcoin and other digital assets? You want to take the opportunity when you have it to lock in the gains that you experienced under one administration or another, and that's where Congress can really act."

The political divide in the US on the topic of cryptos is a very unfortunate reality. The naysayers need to be gently persuaded, not poked to see the proposal as another partisan loyalty test.

Cryptos should be above politics.

Curious Cryptos’ Commentary – The CLARITY Act

Senator Thom Tillis has announced that he will withdraw his support for the CLARITY Act unless it contains some conflict-of-interest provisions. Sounds eminently reasonable, except for one detail. The provisions are widely seen as an ill-disguised means, at least in part, of restricting the Trump family’s business interests in cryptos.

Again, that may sound eminently reasonable, but it is hard to see such a bill being signed into law by Trump himself. It is also true that such a measure is far more draconian than restrictions placed upon the family members of previous Presidents. There is an argument to be made that the Trump family’s highly controversial involvement in cryptos (starting with those infamous memecoins) warrants these extra restrictions, but that does not make it more likely that Trump will sign the bill.

Regardless, the CLARITY Act is sadly almost dead and buried. A great opportunity is being wasted.