US President Donald Trump said on 20 August that his administration is open to accumulating more Bitcoin and other cryptocurrencies, even as he pressed Congress to pass sweeping new legislation aimed at cementing America's dominance in global digital finance. The remarks came at a White House gathering of financial regulators and cryptocurrency industry leaders.

What Trump Said

'Well, it's been talked about,' Trump said when asked whether the administration planned to acquire substantial quantities of Bitcoin or other digital assets. He added that he would defer to regulators for a final call: 'I think I'd probably rely on Paul and the whole group for that. He'll make a decision; you guys will make a decision, and you'll let me know, but certainly it's been talked about.'

Trump also argued — without citing supporting data — that cryptocurrency had benefited the US dollar. 'It's taken a lot of pressure off the dollar; it's been very, very good for the dollar,' he said.

The Strategic Bitcoin Reserve and Digital Asset Stockpile

Trump noted that he had already taken executive action on this front, establishing a US Strategic Bitcoin Reserve that makes Bitcoin a permanent asset of the United States Treasury. A separate United States Digital Asset Stockpile was also created to hold custody of other digital assets. 'I established a United States Strategic Bitcoin Reserve making Bitcoin a permanent asset of the United States Treasury, which has turned out incredibly well,' he said.

The CLARITY Act and the Congressional Push

Trump urged lawmakers to follow those executive moves by passing the CLARITY Act, describing it as 'landmark structure legislation' that 'will keep us ahead of China, keep us ahead of everyone else.' Coinbase co-founder Brian Armstrong said the legislation would make the administration's cryptocurrency policies durable well beyond Trump's presidency, pointing to a Senate vote expected on 15 September.

'This would make all of the progress that this administration has made durable into the future, so it could survive for decades and decades to come,' Armstrong said. He described the bill as a 'true bipartisan compromise,' noting that 'hundreds of pages of changes' had come in from the Democratic side. Supporters are reportedly hoping to secure more than 60 votes.

Industry and Regulatory Voices

Securities and Exchange Commission (SEC) Chairman Paul Atkins and Commodity Futures Trading Commission (CFTC) Chairman Michael Selig were among the officials present. Selig underscored the economic rationale for clear rules: 'Clear rules create confidence; confidence attracts investment; and investment creates jobs, strengthens our markets and keeps the world's best talent building here in America.'

Armstrong acknowledged that some large banks might oppose the CLARITY Act due to competitive pressure from cryptocurrency firms, though others had already endorsed it. This comes amid a broader global scramble among major economies to establish regulatory frameworks for digital assets before standards are set by competitors.

What Comes Next

The administration's dual approach — executive action to build reserves and legislative action to lock in rules — signals a long-term strategic bet on digital assets. The outcome of the 15 September congressional vote on the CLARITY Act will be the next critical test of whether that bet has bipartisan staying power.