President Trump’s Strategic Bitcoin (BTC) Reserve plan has faced challenges from competing government departments.
Two agencies are vying to oversee the project, and questioning law enforcement officials, reports Bloomberg.
The repository was ordered last year to establish the US as the world’s crypto capital.
It was intended to be housed in the Department of Finance, supported by expropriation and purchasable assets. People familiar with the matter say that the US Department of Commerce may monitor the Bitcoin trove. But questions have arisen as to whether the digital asset can be stored forever, given BTC’s tendency to fluctuate wildly.
White House spokeswoman Liz Huston said,
“President Trump campaigned on the vision cemented America as the center of cryptocurrency in the world and other modern technologies. To achieve the vision of the president, the Trump administration continues to review the strategic plan for the Bitcoin Reserve and the US Digital Asset Stockpile.”
In a statement, the Department of Justice said that the Office of Legal Counsel “is working closely with the Treasury and Commerce Departments to determine the legal options available to implement the president’s plan to establish Bitcoin storage systems.”
Interagency dynamics now challenge the original plan, explaining the constraints that arise from administrative guidelines.
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