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Updated · Bloomberg · Jul 6Trump Bitcoin Reserve Plan Hits 2-Department Fight Over Control
2 articles · Updated · Bloomberg · Jul 6Summary
- Two US government departments are competing to run the proposed Strategic Bitcoin Reserve, slowing a plan the Trump administration ordered last year.
- Legal authority is also unresolved, raising questions over which agency can formally house and manage the reserve.
- Trump had intended the stockpile to sit inside the Treasury Department as part of his push to make the US the “crypto capital of the world.”
- The reserve was meant to be funded with Bitcoin seized across the federal government, with possible additional purchases still under consideration.
Insights
After a $46 million crypto theft, what makes the new U.S. Bitcoin reserve secure enough to hold billions? How will America's plan to buy one million Bitcoin without using taxpayer funds actually work?