The Satoshi Action Fund has proposed the creation of a Strategic Bitcoin Reserve within the U.S. Exchange Stabilization Fund (ESF). This reserve would be established by utilizing Bitcoin currently held in U.S. government custody.
The proposal aims to end the auctioning of confiscated Bitcoin by U.S. authorities and instead manage these assets more effectively. The draft outlines a roadmap for integrating Bitcoin into the ESF and includes provisions for the U.S. Treasury to acquire, hold, and manage Bitcoin as part of the ESF portfolio.
The proposal also emphasizes the importance of secure custody systems and oversight mechanisms to ensure transparency and accountability. The draft acknowledges that the ESF may not be a permanent solution and calls for a comprehensive report to explore alternative frameworks for reserve management.
The proposal positions Bitcoin as a non-sovereign global asset that can help stabilize the U.S. dollar and enhance the country's leadership in financial innovation. If enacted, this proposal would represent a significant government-led embrace of Bitcoin with implications for the digital asset industry and global reserve practices.