The idea of the U.S. government issuing crypto-backed bonds is gaining real traction and the endorsement is coming from one of Washington’s most familiar voices in financial regulation.
Speaking at the XRPL Apex 2025 conference in Singapore, former CFTC Chair Chris Giancarlo said the concept of government bonds backed by assets like Bitcoin and XRP is “more than a possibility.”
Here’s everything you need to know!
Trump’s New Approach: Hold Crypto, Don’t Sell
Giancarlo, who led the CFTC under President Trump and is widely known in the industry as “Crypto Dad,” revealed that the current administration is taking a very different approach to digital assets compared to its predecessors.
In past years, federal agencies typically sold off seized crypto. Under Trump, that strategy has changed. According to Giancarlo, the administration now believes that holding digital assets could strengthen the U.S. financially.
Had the government held onto Bitcoin seized years ago, it could have made a serious dent in the national debt, he noted during the interview with Bradley Kimes of Digital Perspective.
Importantly, Giancarlo clarified that this shift doesn’t need new laws. Federal agencies already have the authority to hold confiscated digital assets and that power is now being used.
Crypto as a Strategic Reserve
Beyond simply storing digital assets, the government is looking at ways to use them strategically.
Giancarlo compared the move to how the U.S. manages its Strategic Petroleum Reserve – a stockpile used not just for emergencies, but as a tool to stabilize markets. When oil prices are manipulated by global producers, the U.S. can release supply to push back.
That same thinking is now being applied to crypto, especially with all the geopolitical changes!
As BRICS nations develop alternatives to the U.S. dollar, and countries like China continue to stockpile resources, Giancarlo said the U.S. should do the same but with digital commodities.
An interesting approach, wouldn’t you say?
The U.S. Already Holds Billions in Crypto
Well, the administration is already building out reserves.
In March, President Trump signed an executive order creating the Strategic Bitcoin Reserve, which now holds over 200,000 BTC, worth more than $22 billion at current prices. These assets were collected through criminal and civil forfeitures and are treated as long-term holdings, similar to gold.
Alongside that, the Digital Asset Stockpile was launched to manage other tokens like Ethereum, XRP, Solana, and Cardano. Unlike the Bitcoin reserve, this pool is more flexible, allowing the Treasury to make calculated sales or acquisitions as needed.
Kimes closed the conversation by noting that if the U.S. starts using crypto reserves the same way it uses oil, it could influence market behavior. Giancarlo agreed.
Here’s what we can see: crypto’s not on the sidelines anymore. Exciting times!
