Treasury and Commerce Battle Over Trump's 300,000 BTC Reserve as DOJ Reviews Legal Options

According to Bloomberg, on Monday, July 6, the U.S. Treasury and Commerce departments are competing to manage Trump's Strategic Bitcoin Reserve of over 300,000 BTC, worth roughly $21 billion. The reserve was established through a March 2025 executive order and capitalized with cryptocurrency seized through criminal and civil forfeitures.

The Justice Department's Office of Legal Counsel is reviewing which department can legally oversee the reserve and whether the federal government can hold bitcoin indefinitely given its price volatility. White House Chief Crypto Adviser Patrick Witt signaled the reserve's structure remains under active review, while lawmakers including Sen. Cynthia Lummis have sponsored legislation to codify the reserve through Congress.