Trump's strategic BTC reserve plan hits snag over legal authority

President Donald Trump's plan to create a strategic Bitcoin reserve is facing difficulties over which government department would have oversight and other legal hurdles, Bloomberg reported. According to the report, the Trump administration is considering an operational structure jointly managed by the Treasury, Commerce, and Justice departments. The initial proposal was for the Treasury to hold Bitcoin obtained through criminal and civil forfeitures and to purchase additional BTC in a "budget neutral" manner without increasing public debt. However, internal concerns have reportedly been raised about whether the Treasury has the legal authority to hold and manage Bitcoin long-term. As a result, the administration is said to be exploring various options, including placing the reserves under the Department of Commerce. Meanwhile, the White House stated today that work is underway to structure the strategic Bitcoin reserve and cryptocurrency holdings, adding that the administration's commitment to the plan has not changed.