One of Donald Trump’s biggest crypto promises, creating a Strategic Bitcoin Reserve for the U.S., was not mentioned in the latest report from his crypto task force. The omission stands out, as the reserve was a central part of Trump’s 2024 campaign vision to make the U.S. a global leader in digital assets by holding Bitcoin as a national reserve.
Instead, the report from the Working Group on Digital Asset Markets focuses on clarifying crypto regulations, boosting innovation, and expanding CFTC oversight of non-security digital assets like Bitcoin.
Tax Reforms Take the Spotlight
Although the Bitcoin Reserve plan is absent, the report lays out several key tax policy recommendations:
However, the report does talk about crypto taxes. It recommends:
- Treating digital assets as a new class of assets with special tax rules.
- Closing tax loopholes like “wash sales.”
- Giving the IRS and Treasury clearer guidance on how to tax crypto firms and corporate crypto holdings.
Background: Strategic Bitcoin Reserve
On March 7, 2025, President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve, positioning it as a digital store of value for the U.S.—much like a modern-day Fort Knox for Bitcoin. The plan was announced by David Sacks, the White House AI and Crypto Czar.
The reserve will be funded with Bitcoin seized in criminal and civil cases, which will be held, not sold, by the U.S. government. The plan also introduced a U.S. Digital Asset Stockpile to hold other seized cryptocurrencies such as Ethereum and Tether. Notably, the government emphasized that no taxpayer money would be used to purchase these assets.
While Trump’s crypto task force pushes for clearer rules and tax reforms, the silence on the Strategic Bitcoin Reserve leaves a major campaign promise unresolved.
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