President Donald Trump's plans for a strategic bitcoin reserve are hitting a legal and jurisdictional snag, according to reporting from Bloomberg.
Trump laid out his plan for that reserve early on in his presidency, funded mainly through bitcoin already owned by the government through criminal or civil forfeitures, and a separate digital asset stockpile. The order also directed the Treasury Department and Commerce Department to come up with budget-neutral strategies for acquiring bitcoin that will not cost taxpayers.
However, questions have not been raised about whether Treasury can legally manage the reserve, Bloomberg reported on Monday, citing people familiar with the matter.
Conversations have also pivoted to putting the reserve inside the Commerce Department. An overall issue also talked about is whether bitcoin can be held "indefinitely," given bitcoin's (BTC) volatility, according to Bloomberg.
In an emailed statement to The Block, a White House spokesperson said the administration is continuing to work on its plans for the reserve.
