Bitcoin Reserve Lacks Structure and Congressional Backing
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- The White House told CoinDesk it's still evaluating the 'best structure' for the Strategic Bitcoin Reserve and a separate Digital Asset Stockpile, with no concrete timeline announced.
- Treasury and Commerce departments are both making a case to run the bitcoin funds, per a Bloomberg report cited by CoinDesk, complicating the launch.
- Congress hasn't moved on supporting legislation; White House crypto adviser Patrick Witt and his predecessor both said executive orders lack the force of law.
- Federal agencies have assessed existing U.S. crypto holdings — a number they declined to disclose — estimated at over 300,000 BTC worth roughly $21 billion.
- Had the government started buying BTC at the $93,000 price when Trump issued the order, it would have bought about 33% above today's price of just above $64,000.
- Trump disclosed personal bitcoin holdings exceeding $50 million in his recent financial disclosure, while crypto lobbyists and enthusiasts grow frustrated by the lack of follow-through.
Why it matters: Seven months after Trump's executive order, the government holds an estimated 300,000+ BTC ($21B) it can't formally park in a long-term fund — and with midterm elections looming, congressional backing becomes unlikely if Republicans lose their majority. Crypto advocates who expected a swift rollout are now watching bitcoin trade 33% below where it stood the day the order was issued.
