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I think it was a controlled knowing misdirection, that adhered to the letter of the law at the time.
Bessent was speaking before Trump has signed the Lummis SBR bill. Nevermind that the bill passed the Senate and House and was sitting on Trump's desk waiting for his signature... it's not law until he signs it and he could still change his mind. At the time of the statement he had no mandate or funding to buy BTC.
The second the bill is signed, that changes.

Important to note that the Strategic Bitcoin Reserve and the US Digital Asset Stockpile are two distinctly different things.
Im pretty sure that the policy is that there will be no purchases of cryptocurrencies for to the USDAS, only confiscations. Then there will be budget neutral acquisition of BTC for the SBR.

I think it was a controlled knowing misdirection, that adhered to the letter of the law at the time.
Bessent was speaking before Trump has signed the Lummis SBR bill. Nevermind that the bill passed the Senate and House and was sitting on Trump's desk waiting for his signature... it's not law until he signs it and he could still change his mind. At the time of the statement he had no mandate or funding to buy BTC.
The second the bill is signed, that changes.

Important to note that the Strategic Bitcoin Reserve and the US Digital Asset Stockpile are two distinctly different things.
Im pretty sure that the policy is that there will be no purchases of cryptocurrencies for to the USDAS, only confiscations. Then there will be budget neutral acquisition of BTC for the SBR.

The SBR is in the same spot as always, they won't buy any but they'll hold what they do have. Bessent's comment wasn't news, just reiterated the existing stance.
And rate cuts probably coming September, but either way the market has been doing fine without them, we literally have both BTC and ETH close to ATH and I don't think it would be fair to say that's because of rate cut expectations.

Lot of tough news, no rate cuts this year, no SBR, those were two things we were holding onto. Guess its over.

Even coinbase CEO Brian Armstrong has repeatedly said if the US Gov grows their SBR other G20 countries will follow.
Hopefully Trump's phony administration just keeps printing more money, weakening the dollar.

There is a dichotomy that I find interesting. Bitcoin itself is the same. What changes is people's perceptions - who is pro bitcoin and why. Who is anti-bitcoin doesn't really change, nor do their reasons.
It does seem that the long heralded institutional era has begun and so it seems too early for the nation state era to really begin. I've always thought that, even when the SBR was announced. To much too soon. But there's an oscillation to the Overton window, like dipping a toe into the water, each time. Some institutions started last cycle. Some nation states started this cycle. The direction is clear on that time-scale.

Both, no SBR and high PPI.

No SBR per Scott Bessent