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.
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.
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