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U.S. Issuing Crypto Bond for Assets Like XRP Is “More Than Possible”: CFTC Chair
U.S. Issuing Crypto Bond for Assets Like XRP Is “More Than Possible”: CFTC Chair
June 13, 2025
Chris Giancarlo, the Trump-appointed CFTC Chair, believes the idea of issuing government bonds for crypto assets like Bitcoin and XRP is more than a possibility. Speaking with Bradley Kimes, host of the Digital Perspective platform, Giancarlo, who had previously served as CFTC Chair, shared this view during a discussion at the XRPL Apex 2025 conference in Singapore. Kimes asked Giancarlo about the growing number of ideas being floated in Washington about how the government could acquire and manage digital assets. He pointed out that some have even suggested the U.S. might one day issue bonds backed by crypto.
Government Issuing Crypto Bonds “More Than a Possibility”
In response, Giancarlo said such a move is “more than a possibility.” According to his disclosure, this is something he expects to see at multiple levels, as federal, state, and even local governments could eventually explore the path. Giancarlo, often called “Crypto Dad” due to his early support of blockchain technology, explained that the current administration sees real long-term value in holding digital assets. He said President Trump has taken issue with how previous administrations handled crypto seizures, especially their tendency to sell off confiscated coins. Giancarlo revealed that the current White House prefers to hold these assets, believing they could help strengthen the country’s financial position. In his words, had the government held onto Bitcoin seized years ago, it could have made a serious dent in the national debt. He also emphasized that this change does not necessarily require Congress to act. Notably, federal agencies already have the authority to hold onto seized crypto, and the White House has started using that power.
The Government Could Also Use Crypto Reserves Strategically
Meanwhile, beyond holding assets, Giancarlo said the administration is looking at ways to use crypto reserves more strategically. He compared it to how the U.S. uses its Strategic Petroleum Reserve. For context, that oil reserve isn’t just for emergencies but also acts as a tool for economic policy. Notably, if global oil producers like OPEC try to manipulate prices, the U.S. can release oil from the reserve to push prices back down. Giancarlo said the same logic could apply to a digital asset reserve, especially now, with countries in the BRICS alliance developing their own currencies to challenge the U.S. dollar. In that context, he said it makes sense for the U.S. to stockpile digital assets just as it does with oil or precious metals. Interestingly, he pointed to examples like China, which regularly stockpiles metals and food, and said the U.S., as the world’s largest economy, should do the same with digital commodities.
Interest in Buying More Bitcoin
Giancarlo’s comments come as Bo Hines, Trump’s Director for Digital Assets, continues to explore several ways to buy more BTC. Recall that President Trump signed an executive order in March 2025 to create the Strategic Bitcoin Reserve. That reserve holds over 200,000 Bitcoin, worth roughly $22 billion at press time, taken from criminal and civil forfeiture cases. The reserve treats Bitcoin like digital gold, locking it away as a long-term store of value. Alongside it, the administration also launched the Digital Asset Stockpile. This separate pool includes assets like Ethereum, XRP, Solana, and Cardano. Unlike the Bitcoin reserve, this stockpile allows controlled sales and gives the Treasury more flexibility in managing digital holdings. Kimes concluded the conversation by noting the similarities between oil and crypto reserves, suggesting the government could eventually influence crypto prices just like it does with oil. Giancarlo agreed, saying countries have used reserves to shape markets for centuries, and the U.S. should do the same with digital assets.
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