U.S. President Donald Trump has directed his administration to create a strategic bitcoin reserve, along with a broader stockpile of other digital assets, to be funded with assets that have been seized by the government.

The Texas Senate has passed a bill that allows for the establishment of a strategic bitcoin reserve, along with potentially other assets. The legislation, Senate Bill 21, passed the chamber with a 25-5 vote after being debated.

FTX founder Sam Bankman-Fried appeared on the podcast of former Fox News host Tucker Carlson and in it, he delivered a scathing critique of the Biden administration and its regulatory approach to the cryptocurrency space.

Top stories in the Crypto Roundup today:

Trump Directs Creation of Strategic Bitcoin Reserve and Digital Asset Stockpile

U.S. President Donald Trump has directed his administration to create a strategic bitcoin reserve, along with a broader stockpile of other digital assets, to be funded with assets that have been seized by the government.

The assets contemplated by the order would be stored for long-term value in what was deemed a “digital Fort Knox” where digital assets confiscated in civil and criminal forfeiture proceedings would be stored, according to a statement from Trump’s crypto czar David Sacks on social media.

"The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies have no incremental costs on American taxpayers," Sacks added.

The non-bitcoin stockpile is set to be made up of any cryptocurrency that the U.S. government seizes. Sacks did not name any specific assets, although Trump earlier named some major altcoins.

Texas Senate Approves Bill to Establish Strategic Bitcoin Reserve

The Texas Senate has passed a bill that allows for the establishment of a strategic bitcoin reserve, along with potentially other assets. The legislation, Senate Bill 21, passed the chamber with a 25-5 vote after being debated.

State Senator Charles Schwertner, who introduced the bill, argued that it would bolster Texas’s financial standing by adding a scarce and valuable asset to its holdings.”“We don’t have stacks of dollar bills and safes like we did in medieval times. What we have is digital currency,” he told the floor.

Proponents of the legislation sought to allay concerns that bitcoin may challenge the U.S. dollar’s dominance, pointing out that it’s more akin to gold as a hedge against inflation.

To be passed into law, the bill must now be signed by the governor. If enacted, it will make Texas the first state in the country to have a strategic digital asset reserve.

Imprisoned FTX Founder Slams Biden Admin's Crypto Approach in Tucker Carlson Podcast

FTX founder Sam Bankman-Fried appeared on the podcast of former Fox News host Tucker Carlson and in it, he delivered a scathing critique of the Biden administration and its regulatory approach to the cryptocurrency space.

Bankan-Fried, who’s serving a 25-year sentence for fraud, said he was “shocked” at first two years of the Biden administration and called former SEC Chair Gary Gensler’s crypto approach as “something of a nightmare.”

The founder of the collapsed exchange suggested in the podcast he was hopeful about what he heard from Trump. “Changing the guard helps, but financial regulators, they’re big giant bureaucracies in the federal government. They’re not used to changing overnight,” he said.

This was the second interview Bankman-Fried has conducted from a federal detention center in Brooklyn, New York. His parents are reportedly looking to secure a pardon from Trump.