The U.S. government moved approximately $288 million worth of seized Bitcoin and Ethereum to Coinbase Prime on Monday, July 13-14, 2026, according to on-chain analytics platforms. The transfers included cryptocurrency confiscated from multiple cases and sparked speculation about potential asset sales.
Senator Elizabeth Warren and Democrats are pushing for ethics restrictions in the cryptocurrency Clarity Act as it heads to the Senate floor, citing President Trump's estimated $1-1.4 billion in crypto holdings as a conflict of interest. The White House is pressuring the Senate to pass the bill within 24 days before the August recess.
More than 16 months after President Trump ordered the creation of a Strategic Bitcoin Reserve, the initiative remains unrealized as the Treasury and Commerce departments dispute which agency should oversee the reserve holding seized Bitcoin assets.
Treasury Secretary Scott Bessent testified that the department is proceeding with "deliberate speed" on establishing a Bitcoin reserve, while Representative Nick Begich introduced legislation to formally create a Strategic Bitcoin Reserve within the Treasury Department.
Treasury Secretary Scott Bessent told the Senate Finance Committee that the Trump administration is moving at a 'deliberate speed' to establish a strategic bitcoin reserve and urged Congress to pass the Clarity Act by summer, as the bill faces competition for limited Senate floor time.
Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, indicated that a major announcement regarding Trump's strategic bitcoin reserve initiative is coming within weeks, stating that legislation is progressing through Congress.
Senator Cynthia Lummis has reintroduced the Bitcoin Act, co-sponsored by five Republican Senators, featuring stringent holding requirements. This bill contrasts with President Trump's plan for indefinite retention, allowing regulated Bitcoin sales under strict conditions.
