Trump’s Strategic Bitcoin Reserve Faces Legislative Hurdles
- The proposed U.S. Bitcoin reserve remains unestablished a year after its announcement.
- Trump’s Treasury Department lacks the necessary authorizations to create specialized accounts for the reserve.
- Senator Cynthia Lummis is advocating for legislation to establish the reserve, aiming for one million tokens, or about 5% of total supply.
- Current estimates suggest the U.S. government may hold over 300,000 BTC, valued at more than $20 billion.
- Legislative action is needed to operationalize Trump’s executive order from March, which requires Congressional approval.
The lack of progress on the Bitcoin reserve highlights challenges in turning executive orders into actionable policy without legislative backing. The proposed legislation could potentially be included in the National Defense Authorization Act later this year.
As of now, there has been no new government purchase of Bitcoin despite initial enthusiasm, with over 300,000 BTC estimated in federal holdings.(Source)
