Interagency disputes are hindering the creation of a strategic Bitcoin reserve in the United States: an analysis of the situation
The ambitious initiative of the Donald Trump administration to form a Strategic Bitcoin Reserve (SBR) has encountered serious bureaucratic obstacles. The main reason is disagreements between key US ministries over the structure of governance and oversight of the future reserve. This is a classic example of how an innovative idea runs into administrative barriers, and the market should closely monitor developments.
Although a presidential executive order from March 2025 mandated placing the SBR within the structure of the Treasury Department, legitimate doubts have arisen about the legality of such authority for that agency. The key stumbling block is the high volatility of bitcoin, which does not fit within the traditional framework for managing state reserve assets. As a result, the Department of Commerce has entered the fray for control of the reserve and is now being considered as an alternative contender.
The Department of Justice is acting as an arbiter, advising both agencies on legal aspects. Meanwhile, the White House continues to search for an optimal model that will fulfill the promise of turning the US into the "crypto capital of the world." In parallel, Congress is advancing the BITCOIN Act and the American Reserve Modernization Act of 2026 (ARMA), which provide for the acquisition of 1,000,000 BTC over five years. According to ARMA, these assets must be held for at least 20 years, although their sale is theoretically permitted to reduce the national debt, which is already approaching $40 trillion.
Currently, the US is already the largest state holder of bitcoin, possessing 328,372 BTC worth approximately $21 billion. This gives Washington a significant starting position, but without a clear legal and administrative framework, further accumulation could stall.
Analyst's comment: The interagency struggle for control of the SBR is not just a bureaucratic delay, but a marker of bitcoin's maturity as an asset. While governments argue over who will "watch the safe," the market receives a clear signal: bitcoin has ceased to be a niche instrument and has moved into the category of strategic state assets. However, a drawn-out process could cool the enthusiasm of institutional investors awaiting clear signals from the regulator.