Trump’s Bitcoin reserve plan stalls amid Treasury-Commerce turf war: Report

Trump’s Bitcoin reserve plan stalls amid Treasury-Commerce turf war: Report

Obscure legal provisions and interagency turf wars have stalled the implementation of Executive Order 14233 more than a year after it was signed.

The Trump administration is reassessing how to implement its proposed Strategic Bitcoin Reserve after questions emerged over which federal department has the legal authority to oversee it, Bloomberg reported Monday.

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Although the plan originally called for the Treasury Department to manage Bitcoin obtained through government seizures and future purchases, officials are now also considering the Commerce Department as a potential home for the reserve.

The Justice Department’s Office of Legal Counsel is working with Treasury and Commerce to evaluate legally sound options. The uncertainty has delayed a major part of Trump’s crypto strategy.

According to data tracked by Arkham Intel, the US-labeled addresses currently hold over 328,000 Bitcoin, worth approximately $21 billion. Officials argue that consolidating and holding the government’s Bitcoin could provide long-term economic and strategic benefits.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Trump’s Bitcoin reserve plan stalls amid Treasury-Commerce turf war: Report

Trump’s Bitcoin reserve plan stalls amid Treasury-Commerce turf war: Report

Obscure legal provisions and interagency turf wars have stalled the implementation of Executive Order 14233 more than a year after it was signed.

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The Trump administration is reassessing how to implement its proposed Strategic Bitcoin Reserve after questions emerged over which federal department has the legal authority to oversee it, Bloomberg reported Monday.

Advertisement

Although the plan originally called for the Treasury Department to manage Bitcoin obtained through government seizures and future purchases, officials are now also considering the Commerce Department as a potential home for the reserve.

The Justice Department’s Office of Legal Counsel is working with Treasury and Commerce to evaluate legally sound options. The uncertainty has delayed a major part of Trump’s crypto strategy.

According to data tracked by Arkham Intel, the US-labeled addresses currently hold over 328,000 Bitcoin, worth approximately $21 billion. Officials argue that consolidating and holding the government’s Bitcoin could provide long-term economic and strategic benefits.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.