Here’s what happened in crypto today

Today in crypto, a new bill set to be introduced in Congress aims to formalize President Donald Trump’s executive order establishing a US Strategic Bitcoin Reserve, Democrat Representative Gerald Connolly has urged the US Treasury to halt any efforts for a US strategic crypto reserve, and former Binance CEO Changpeng Zhao denied claims in a Wall Street Journal report suggesting that he has been actively seeking a federal pardon from President Trump.

US Rep. Byron Donalds to introduce bill codifying Trump’s Bitcoin reserve

A new bill set to be introduced in Congress aims to formalize President Donald Trump’s executive order establishing a US Strategic Bitcoin Reserve, a move that could further integrate Bitcoin into the nation’s financial strategy.

Trump signed an executive order on March 7 to use Bitcoin (BTC) seized in government criminal cases to establish a national reserve.

The legislation, introduced by US Representative Byron Donalds, seeks to ensure the Bitcoin reserve becomes a permanent fixture, preventing future administrations from dismantling it through executive action.

“For years, the Democrats waged war on crypto,” Donalds, a Florida Republican, said in a statement to Bloomberg. “Now is the time for Congressional Republicans to decisively end this war.”

If the bill is passed, it would ensure that the Strategic Bitcoin Reserve and the US Digital Asset Stockpile could not be eliminated via executive actions by a future administration.

The bill will require at least 60 votes in the Senate and a House majority to pass. With Republicans holding a Senate majority — and amid a generally more crypto-friendly environment — the bill has a chance of passing.

Democrat lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

A Democrat lawmaker has called on the US Treasury to “cease all attempts” to create a strategic crypto reserve in the United States.

House Representative Gerald E. Connolly of Michigan criticized the “cryptocurrency reserve” in a March 13 letter to Treasury Secretary Scott Bessent, stating that it provides “no discernible benefit to the American people” and would instead significantly enrich the president and his donors.

Connolly said Trump’s plans would constitute “unsound fiscal policy” because it chooses certain cryptocurrencies over others via social media and would also waste taxpayer dollars.

However, the White House has said that the Digital Asset Stockpile will only hold onto cryptocurrency already forfeited. At the same time, the Bitcoin (BTC) reserve will only make acquisitions through budget-neutral strategies that won’t impact taxpayers.

Changpeng Zhao denies reports of a Binance.US deal, defends Trump

Former Binance CEO Changpeng “CZ” Zhao has denied many of the claims in a Wall Street Journal report suggesting that he has been actively seeking a federal pardon from US President Donald Trump.

In a March 13 X post following the release of the report, Zhao said he had no discussions regarding a business deal between the Trump family and Binance.US. He further denied claims that he wanted a presidential pardon from Trump, which could potentially allow him to assume an operational or management role at Binance.

“No felon would mind a pardon, especially being the only one in US history who was ever sentenced to prison for a single BSA [Bank Secrecy Act] charge,” said CZ. “Feels like the article is motivated as an attack on the President and crypto, and the residual forces of the ‘war on crypto’ from the last administration are still at work.”