U.S. Senator Cynthia Lummis said that funding for the Strategic Bitcoin Reserve (SBR) could “start at any time,” but the process is being slowed down by “legislative red tape.”
In a post on X (formerly Twitter), she said:
“Legislating is a slog and we continue to work toward passage but, thanks to President Trump, the acquisition of funds for an SBR can start anytime.”
Thus, the senator confirmed that following President Donald Trump’s executive order signed in March 2025, the legal prerequisites for the program’s launch have been created, but practical implementation is still delayed.
Lummis commented on a video posted by Jeff Park, Chief Investment Officer of ProCap BTC, where he and well-known bitcoin proponent Anthony Pompliano discussed the potential for a government crypto reserve.
Park suggested that the US government could use $1 trillion of unrealized gold gains to reinvest in bitcoin.
“And so if there’s a way to unlock the ability to build leverage on the paper gains of gold to take a call option on Bitcoin. There’s something incredible here that could happen. […] If you own Bitcoin, and you assume that it’s going to go up by 12% a year, you’ll make a 30x in 30 years,” he said.
Park added that such a strategy “could actually cover most of the federal budget deficit,” which currently exceeds $37.8 trillion.
In response, Lummis wrote that this is “a fabulous articulation of why the SBR and passing the BITCOIN Act makes so much sense.”
In July 2024, she introduced the BITCOIN bill, according to which the government is supposed to buy 1 million BTC within five years. The senator submitted it to the Senate for the second time in March 2025.
Although the details have not yet been confirmed, according to an official government document, the reserve will initially be formed from bitcoins owned by the US Treasury Department, mostly those that have been confiscated in civil or criminal proceedings.
In September, a legislative initiative was submitted to Congress, which assigned the Ministry of Finance the responsibility for reporting on the creation of the bitcoin reserve within 90 days of the bill’s entry into force.
In the future, it is expected that additional bitcoins can be acquired through budget-neutral mechanisms that “do not impose additional costs on taxpayers.”
Meanwhile, Anthony Pompliano said in an interview with CNBC that the market expects the government to take concrete steps.
“The first is that the US government at some point is gonna announce that they are buying Bitcoin. Creating the initial kinda strategic reserve and sitting the Bitcoin we already had there was good. But that’s kinda not the main dish. The main dish is when they start buying, and I think that will happen at some point,” he said.
Earlier, we reported that US lawmakers and 18 crypto industry leaders, including Strategy (formerly MicroStrategy) co-founder Michael Saylor and BitMine CEO Tom Lee, met to discuss the promotion of the BITCOIN Act.