Trump Administration Considers Commerce Department to Oversee Strategic Bitcoin Reserve

The Trump administration is reconsidering how to structure its proposed Strategic Bitcoin Reserve after legal concerns cast doubt on whether the U.S. Treasury can oversee the initiative, Bloomberg reported.

The reserve was initially intended to be managed by the Treasury Department. However, officials have questioned whether the department has the legal authority to hold and administer the government's Bitcoin holdings, prompting a broader review of the plan.

As part of that review, the administration is exploring alternative arrangements, including transferring responsibility for the reserve to the Commerce Department. At the same time, the Justice Department’s Office of Legal Counsel is working with both agencies to establish a legally viable framework for the proposal.

Source: Bloomberg