Trump's Strategic Bitcoin Reserve Faces Legal Hurdles as Treasury, Commerce Vie for Oversight
The Trump administration's plan to establish a Strategic Bitcoin Reserve has been complicated by a dispute over whether the Treasury Department has the legal authority to manage it, with the Commerce Department emerging as a possible alternative, President Donald Trump had directed that the reserve be housed at the Treasury Department and funded with bitcoin seized by the federal government, alongside potential future purchases. The Justice Department's Office of Legal Counsel is working with the Treasury and Commerce departments to determine legally viable options for establishing the reserve. A White House spokesperson said the administration continues to evaluate the best structure for the Strategic Bitcoin Reserve and US Digital Asset Stockpile as it pursues Trump's goal of making the US the global capital of cryptocurrency.
The Trump administration's plan to establish a Strategic Bitcoin Reserve has been complicated by a dispute over whether the Treasury Department has the legal authority to manage it, with the Commerce Department emerging as a possible alternative, President Donald Trump had directed that the reserve be housed at the Treasury Department and funded with bitcoin seized by the federal government, alongside potential future purchases.
The Justice Department's Office of Legal Counsel is working with the Treasury and Commerce departments to determine legally viable options for establishing the reserve.
A White House spokesperson said the administration continues to evaluate the best structure for the Strategic Bitcoin Reserve and US Digital Asset Stockpile as it pursues Trump's goal of making the US the global capital of cryptocurrency.