During a fireside chat with Gemini co-founders Cameron and Tyler Winklevoss at Bitcoin 2025 in Las Vegas on Tuesday, White House crypto czar David Sacks outlined how the U.S. Strategic Bitcoin Reserve could acquire more bitcoin beyond the existing seized funds. President Trump signed an executive order to establish the U.S. Strategic Bitcoin Reserve on March 6, created from approximately 200,000 BTC ($22 billion) already owned by the federal government that was forfeited as part of criminal or civil proceedings, minus those that still need to be returned to crime victims.
Additionally, Trump directed Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick to develop budget-neutral strategies for acquiring additional bitcoin, provided they have no incremental costs to American taxpayers. “The executive order establishing the Strategic Bitcoin Reserve does allow the government to purchase more if it can be done in a budget-neutral way. Specifically, if either the Commerce Department or the Treasury Department can figure out how to fund it without adding to the debt, then they are allowed to create those programs,” Sacks said.
The crypto czar specifically referenced using surplus money from other government programs to fund such acquisitions. Analysts at K33 previously noted that potential budget-neutral strategies could include U.S. Treasury Exchange Stabilization Fund surpluses, selling special drawing rights issued by the IMF, or a gold certificate revaluation. “If we can convince Howard Lutnik or Scott Bessent to buy some, and they can figure out how to fund it without a new tax or without adding to the debt, then we could potentially acquire more bitcoin,” Sacks added.
In a Tuesday report, K33 Head of Research Vetle Lunde highlighted that the 60-day deadline for the U.S. Treasury evaluation of the Strategic Bitcoin Reserve passed on May 5, with no information shared yet publicly — with traders paying particularly close attention to potential announcements this week amid the flagship Bitcoin conference.
“I can’t promise anything, but there is a pathway to doing that,” Sacks said during the fireside. “The question is just, can we get either the Treasury Department or the Commerce Department to get excited about that? Because if they do and they can figure out how to fund it, they actually do have presidential authorization ready.” Beyond the Strategic Bitcoin Reserve, Sacks also outlined other pro-crypto policies enacted by the Trump administration since January. In its first 100 days, the administration has overhauled U.S. crypto policy, Sacks said — pardoning Ross Ulbricht, banning CBDCs, and ending Operation Choke Point 2.0.
It also rolled back restrictive rules like the IRS’s DeFi broker rule and SAB 121, curbed the DOJ’s aggressive enforcement, and hosted the first White House Crypto Summit. Sacks also expects the GENIUS Act stablecoin bill to pass and that a market structure bill is likely before August, with the administration aiming to lock in reforms and prevent future regulatory backsliding.
Highlighting the impact of Operation Choke Point 2.0’s debanking tactics in particular, the Winklevoss twins provided their own example, explaining that Gemini was losing a bank account every other week in 2023 and was down to its last one for both wires and ACH. “If we had lost either one of those, it would have been game over,” Cameron Winklevoss said.
The March 6 executive order also established a U.S. Digital Asset Stockpile consisting of digital assets other than bitcoin forfeited in criminal or civil proceedings. However, the government said it will not acquire additional assets for the stockpile beyond those obtained through forfeiture proceedings. Finally, Sacks outlined how the administration is prioritizing domestic bitcoin mining by boosting U.S. energy production and easing permits for new infrastructure, aiming to keep more hash power onshore amid Trump’s pledge to make America the “bitcoin mining powerhouse” of the world.
“We’ve been moving so fast to correct all these things in terms of the legislation that’s moving on Capitol Hill, the agencies and departments. I think by August, we might have achieved the crypto agenda in Washington,” Sacks said. “We’re basically four months in, so we still have over three and a half years [and] what we can accomplish over the next few years is going to be really incredible,” Sacks concluded. “What all of you guys are going to accomplish with Bitcoin is going to be incredible and to the moon, right?”
