The US government owns a pile of Bitcoin it seized from criminals. It created an official reserve to hold it. And now, more than a year later, nobody in Washington can figure out who’s actually allowed to manage the thing.
Treasury officials are questioning whether they even have the legal authority to oversee the Strategic Bitcoin Reserve, a standoff that has delayed critical evaluations and sparked discussions about handing the whole operation to the Commerce Department.
A reserve without a manager
President Trump signed Executive Order 14233 on March 6, 2025, establishing the Strategic Bitcoin Reserve. The core idea was straightforward: Bitcoin seized through criminal and civil forfeiture proceedings would be held as a national strategic asset, never to be sold.
The executive order came with a built-in timeline. Agencies had 30 days to provide a full accounting of their Bitcoin holdings and review their transfer authority. The Treasury Secretary was supposed to deliver an evaluation within 60 days.
