United States Crypto Reserve: Treasury-Commerce Turf War Stalls Trump’s $20B Bitcoin Plan

Page Last Reviewed: July 7, 2026

More than 16 months after President Trump signed the executive order creating a Strategic Bitcoin Reserve, the U.S. government still hasn’t formally designated which agency will manage it, hasn’t disclosed its full holdings, and hasn’t acquired a single new bitcoin. The holdup, according to a Bloomberg report that broke July 6, comes down to an unresolved dispute between the Treasury Department and the Commerce Department over who has the legal authority to hold roughly 328,372 BTC — worth an estimated $20 billion to $21 billion — indefinitely as a policy asset rather than liquidating it under standard forfeiture rules.

Key Takeaways

• The Strategic Bitcoin Reserve was created by Executive Order 14233 on March 6, 2025, but remains unformed as of July 2026.
• Treasury and Commerce are both vying to manage the reserve, with the Department of Justice’s Office of Legal Counsel now mediating the dispute over legal authority.
• The U.S. holds roughly 328,372 BTC (~$20–21 billion), the largest known government Bitcoin holding in the world, all acquired through criminal and civil forfeiture — none purchased on the open market.
• The ARMA Act, an updated version of the BITCOIN Act, would codify the reserve into law and authorize acquiring up to 1 million BTC over five years using budget-neutral methods, but it has not passed Congress.
• A separate, unrelated token called “United States Crypto Reserve (USCR)” trades on decentralized exchanges and is listed on CoinMarketCap — it has no connection to the actual U.S. government reserve.

Strategic Bitcoin Reserve Overview

What Is the Strategic Bitcoin Reserve?

The Strategic Bitcoin Reserve was established by executive order in March 2025, alongside a separate U.S. Digital Asset Stockpile for non-Bitcoin holdings. The order directed the Treasury Secretary to create an office to manage the reserve, composed of Bitcoin the government already controls through criminal and civil forfeiture across agencies including the DOJ, IRS, and U.S. Marshals Service. The order also stipulated that reserve Bitcoin should not be sold and should be retained as a long-term reserve asset — a marked departure from the government’s historical practice of auctioning off seized cryptocurrency.

Unlike a traditional reserve meant to be tapped during emergencies, the Strategic Bitcoin Reserve is designed to be held indefinitely, which is precisely what has made its legal implementation more complicated than initially expected.

Why Is the Reserve Still Not Formed?

The core obstacle is a jurisdictional dispute between two federal departments:

• Treasury was the department originally named in the executive order, but questions have emerged over whether it has clear legal authority to hold a volatile, non-dollar-denominated asset like bitcoin indefinitely rather than liquidating it under standard forfeiture procedures.
• Commerce has since emerged as an alternative candidate to house the reserve, adding a second claimant to the process.
• The DOJ’s Office of Legal Counsel is now working with both departments to determine a legally viable structure, effectively mediating which agency can lawfully take custody of the coins.

Beyond the interagency dispute, forfeited BTC is currently scattered across multiple agencies under different legal authorities, meaning any consolidation into a single Treasury-controlled custody structure requires resolving which agency can legally transfer what — and whether that requires congressional sign-off.

The White House, through spokeswoman Liz Huston, confirmed on July 6 that the administration “continues to evaluate the best structure” for the reserve, indicating the process remains active but incomplete.

The ARMA Act: Pending Legislation

Congress has not passed legislation to formally codify the reserve. The ARMA Act — an updated version of the earlier BITCOIN Act first introduced in July 2024 — would authorize the government to acquire up to 1 million BTC over five years using budget-neutral strategies, such as reallocating other government assets rather than new spending. Under the proposed bill, acquired Bitcoin would be held for a minimum of 20 years, with sales permitted only to reduce the national debt. White House Digital Assets Advisor Patrick Witt has described ARMA as “version 2.0” of the original bill. Without its passage, agencies have limited legal footing to expand the reserve beyond existing forfeited holdings.

The ARMA Act is separate from the two other major pieces of crypto legislation moving through Washington this year — the CLARITY Act, which addresses market-structure rules for digital assets, and the GENIUS Act, which governs stablecoin regulation. Together, the three bills represent the main legislative tracks shaping how the U.S. treats crypto at the federal level, though only GENIUS has been signed into law so far.

How Much Bitcoin Does the U.S. Government Hold?

Estimates place U.S. government Bitcoin holdings at approximately 328,372 BTC, worth roughly $20–21 billion depending on the current bitcoin price. This stockpile was built primarily from major law enforcement seizures, including Bitcoin connected to the Silk Road marketplace and the 2016 Bitfinex hack. The U.S. is currently recognized as the largest known government holder of Bitcoin worldwide, ahead of China, the United Kingdom, and El Salvador. No new Bitcoin has been purchased on the open market since the reserve was announced.

United States Crypto Reserve vs. the “USCR” Token

Searches for “United States Crypto Reserve” frequently surface a cryptocurrency called USCR, listed on platforms including CoinMarketCap and Crypto.com. This token has no affiliation with the U.S. government, the Strategic Bitcoin Reserve, or any federal agency. It appears to be an independent project using a name similar to the official policy initiative. Readers researching the actual government reserve should rely on official sources such as the White House’s published executive order and fact sheet rather than crypto exchange listings.