7/31/25 Roundup: A Foundation, Not a Finale

The White House’s latest report on digital assets arrived this week, and reactions have been mixed. For some, it was a letdown—another glossy document heavy on stablecoin policy and digital asset frameworks, but a noticeable lack of focus on the one asset that towers above the rest: bitcoin.

No update on the Strategic Bitcoin Reserve. No audit of the government’s current BTC holdings, despite earlier commitments. No disclosure of accumulation plans.

The same placeholder language about exploring “budget-neutral mechanisms” to acquire bitcoin remains, untouched since the original Executive Order. To critics, this looks like backpedaling. Promises made, some kept, some not.