Plans by the Trump administration to establish a U.S. strategic Bitcoin reserve have hit a roadblock due to a dispute over which federal agency should oversee it, with the Department of Commerce emerging as a potential alternative to the Treasury.
In March 2025, former President Donald Trump signed an executive order designating the U.S. Treasury Department as the lead agency for the strategic Bitcoin reserve and instructing other departments to assist with asset acquisition. However, this arrangement is now facing significant scrutiny.
According to sources, there are widespread doubts within the government about whether the Treasury has the proper legal authority to manage an asset as volatile as Bitcoin. This uncertainty has stalled the initiative's progress.
In light of these concerns, the U.S. Department of Commerce has been proposed as a potential candidate to assume the regulatory role. The U.S. Department of Justice is also involved in discussions to explore the legal pathways for establishing such a reserve.
This effort is a key component of Trump's broader vision to establish the U.S. as a global hub for cryptocurrency, representing a potential fundamental shift in the official status of digital assets. A White House spokesperson confirmed that the administration is still evaluating the optimal structure to achieve this presidential goal.
Data indicates that the United States currently holds 328,372 Bitcoin, valued at approximately $21.1 billion, making it the largest national holder globally. This is despite historical sales of some holdings through judicial proceedings.
To institutionalize the reserve plan, Congress introduced the BITCOIN Act and the ARMA Act in May. These bills aim to facilitate the acquisition of one million Bitcoin over five years without increasing the federal budget burden.
A senior White House advisor described the ARMA Act as an enhanced version of the BITCOIN Act, emphasizing its legal robustness and asset protection provisions. The legislation mandates that the reserve be locked for a minimum of 20 years, with exceptions allowed only for selling assets to help reduce the national debt.
Despite the internal disagreements within the executive branch, industry observers are generally optimistic about the plan's potential to reassess Bitcoin's strategic value. Commentators note that a formal strategic reserve would establish a new paradigm for capital allocation at the national level.
Globally, while approximately 15 countries hold Bitcoin, El Salvador remains the only nation to have formally established a strategic reserve and continues to make periodic acquisitions.
Comments