Is the US Bitcoin strategic reserve facing a cooling-off? Legal issues become a hindrance

【Blockchain Rhythm】Recently, there is a noteworthy development. Patrick Witt, Director of the White House Cryptocurrency Committee, revealed that the US is still pushing forward with the establishment of a Bitcoin strategic reserve, but it doesn’t sound very smooth—interdepartmental coordination has hit a snag. Where is the problem? Some “less common, complex legal provisions” are creating obstacles for the entire project.

Currently, government agencies like the Department of Justice and the Office of Legal Counsel are working on discussions regarding the legal and regulatory issues involved in establishing a Bitcoin strategic reserve. The official statement is that this matter is “still on the priority list,” implying that it hasn’t been abandoned for now, but progress is indeed hindered.

There’s also a detail that quite well illustrates the issue. The White House recently stated that the Bitcoin confiscated from Samourai Wallet developers has not been sold by the US government. These coins are retained on the government’s balance sheet, intended to be part of the future Bitcoin strategic reserve. This indicates that the government’s attitude towards Bitcoin is changing, at least evolving from “hostile” to “asset reserve” recognition.

The legal provisions becoming a bottleneck is actually quite interesting. It seems the US government wants to do it, but the relevant legal framework isn’t fully in place yet, which also reflects that the status of crypto assets within the mainstream financial system is still in the exploration stage.