Federal agencies in the USA need to report their cryptocurrency holdings to the Department of the Treasury by the end of today, according to a report.
Journalist Eleanor Terrett posted a tweet (early morning UTC, late evening EDT), indicating that the deadline is today. Terrett cited “a White House official” as the source.
All the agencies will need to report to Treasury Secretary Scott Bessent.
However, it is important to note that the agencies must provide these reports to Bessent, but he does not need to make them public. This means that the Treasury will keep classified everything the agencies disclose, Terrett’s report claims.
It is “unclear as of now if and when the findings could be made public,” the journalist writes.
Many commenters have criticized the decision to keep disclosure confidential, if true. They argue that the agencies work for the public, are paid by the public, and should answer to it. They also expressed disappointment as they expected more transparency on this matter.
On the one hand, one may argue that the disappointment comes from the very nature of the crypto and blockchain world that these commenters inhabit, given that transparency is one of its core values.
On the other hand, much of it may be coming from the presumptions that the change in the US administration and the crypto-friendly moves it may be making would open doors to more transparency and accountability. What’s more, the current administration seems to have been encouraging this belief. But that doesn’t seem to be the case here specifically.
Questions Remain as Trump’s Decisions Push Markets Down
There were additionally concerns raised about the timeframe, as it was previously understood that the federal agencies were set to disclose their Bitcoin (BTC) and other cryptocurrency holdings by 5 April.
That date is now 7 April, and it is yet unclear what has caused the discrepancy.
The disclosures follow US President Donald Trump’s executive order from 6 March that mandated the creation of a Strategic Bitcoin Reserve and a Digital Asset Stockpile.
The document stated that “within 30 days of the date of this order, the head of each agency shall provide the Secretary of the Treasury and the President’s Working Group on Digital Asset Markets with a full accounting of all Government Digital Assets in such agency’s possession […]”
It was signed on 6 March, filed on 10 March, and published on 11 March. The 30-day deadline, counting from 6 March, fell on 5 April. However, that was Saturday, which may have played a role.
Meanwhile, many also argued that the disclosures would reveal whether the government’s digital asset reserves hold the coins Trump previously mentioned. These include XRP, Solana, and Cardano.
As of now, it seems that this information will not be available to the public.
What has happened on 5 April is that Donald Trump imposed massive tariffs on all countries. This has affected markets across the board. Crypto was not spared.
The global cryptocurrency market capitalization dropped more than 7% over the past day, now standing at $2.57 trillion.
Notably, all but four of the top 100 coins per market cap have seen their prices decrease today – many by double digits.
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