Trump Administration Evaluates Strategic Bitcoin Reserve Amid Legal and Departmental Hurdles
The Trump administration is evaluating the structure for a Strategic Bitcoin Reserve after the Justice Department’s Office of Legal Counsel intervened to assess which federal agency holds the legal authority to manage it. The reserve was originally intended to be housed under the U.S. Treasury Department, but administration officials are now considering transferring oversight to the Commerce Department as they debate whether Treasury has the statutory power to hold and manage the cryptocurrency.
The White House confirmed the ongoing review on Sunday, stating the administration continues to evaluate the best framework to deliver on the initiative. The United States currently holds 328,372 bitcoin, valued at approximately $25 billion, making it the largest known government holder of the digital asset. The coins were not purchased but were seized through criminal and civil asset forfeitures, and the administration has committed to holding the reserve indefinitely. Congress is separately advancing the American Reserves Modernization Act, which would direct the Treasury to actively purchase 1 million bitcoin over five years.
From the sources (6 posts)
@businessThe Trump administration’s plan to create a Strategic Bitcoin Reserve has been complicated by two government departments vying to run it, alongside questions about which has the legal authority to do so.
@theblockcoTHE BLOCK: President Trump's proposal for a strategic bitcoin reserve is encountering roadblocks over which government department will run it, as well as legal hurdles, Bloomberg reports. Trump issued an executive order at the start of his
@bitcoinmagazineJUST IN: 🇺🇸 White House says “To deliver on the president’s vision, the Trump administration continues to evaluate the best structure for a Strategic Bitcoin Reserve” 👀
@bulltheoryioBREAKING: The White House just confirmed the US Strategic Bitcoin Reserve is being formally structured right now. The US already holds 328,372 Bitcoin worth around $25 billion, making it the largest known government holder of Bitcoin in th
@wublockchainTrump’s Strategic Bitcoin Reserve Plan Faces Legal and Bureaucratic Hurdles According to Bloomberg, the Trump administration’s plan to establish a Strategic Bitcoin Reserve has encountered legal and bureaucratic hurdles. The reserve was or
@techmemeSources: the US considers housing the Strategic Bitcoin Reserve at Commerce instead of Treasury amid concerns over Treasury's legal authority to manage it (Bloomberg) (Visit Techmeme dot com for the link and full context!)