Trump's Bitcoin Reserve Plan Stumbles Amid US Agency Power Struggle

MGR Online•Economy•9d ago

Reader Briefing

Internal disputes within the Trump administration are hindering the development of a strategic Bitcoin reserve, creating political gridlock and market uncertainty.

•A strategic Bitcoin reserve plan initiated by former President Donald Trump is facing significant delays due to power struggles between the Commerce Department and the Treasury Department.
•The conflict centers on who will control a potentially massive fund, with a 180-day deadline established by executive order now at risk.
•Treasury Secretary Scott Bessent opposes using the Exchange Stabilization Fund (ESF) for Bitcoin acquisition, while Commerce Secretary Howard Lutnick advocates for its use without congressional approval.

Overview

•In March 2025, President Trump signed an executive order to establish a strategic Bitcoin reserve.
•President Trump mandated that agencies holding Bitcoin from criminal cases deposit assets into the fund instead of auctioning them.
•Howard Lutnick, Secretary of the Commerce Department, proposed using the Exchange Stabilization Fund (ESF) for Bitcoin acquisitions without congressional approval.
•Scott Bessent, Secretary of the Treasury Department, strongly opposes this, arguing it distorts the ESF's purpose of stabilizing the dollar.
•The conflict arises from an institutional power struggle, with the Treasury historically managing federal financial assets and the Commerce Department seeking a new role in the digital economy.
•Multiple inter-agency meetings have concluded without consensus, preventing the Digital Assets Task Force from finalizing proposals by the deadline.
•The delay in establishing the Bitcoin reserve is causing uncertainty in the cryptocurrency market, with Bitcoin prices dropping significantly following the news.
•Decisions in the coming weeks are crucial for determining the direction of the global cryptocurrency industry and the US's leadership in the new financial era.

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Key Quotes

Source close to the discussions

"It's a full-blown turf war. No one is backing down an inch, and that's why the deadline is becoming a problem."

มันคือสงครามสนามหญ้าเต็มรูปแบบ ไม่มีใครยอมถอยแม้แต่ก้าวเดียว และนั่นคือเหตุผลที่เส้นตายกำลังกลายเป็นปัญหา

Perianne Boring

"The delay caused by inter-agency disputes is the enemy of innovation. If the administration can't agree, Congress will be even more hesitant to pass supportive legislation."

ความล่าช้าที่เกิดจากข้อพิพาทระหว่างหน่วยงานคือศัตรูตัวร้ายของนวัตกรรม ถ้าฝ่ายบริหารไม่สามารถตกลงกันเองได้ สภาคองเกรสก็จะยิ่งลังเลที่จะเดินหน้าออกกฎหมายสนับสนุน

Key Entities

Person

Donald Trump(โดนัลด์ ทรัมป์)ℹ️

Former President of the United States who initiated the strategic Bitcoin reserve plan.

Howard Lutnick(โฮเวิร์ด ลุตนิก)

Secretary of the Commerce Department, advocating for the use of the ESF for Bitcoin.

Scott Bessent(สก็อตต์ เบสเซนต์)

Secretary of the Treasury Department, opposing the use of the ESF for Bitcoin.

Perianne Boring(เพอร์รีแอนน์ บอริง)ℹ️

President of the Chamber of Digital Commerce, expressing concern over delays.

David Sacks(เดวิด แซคส์)ℹ️

Chairman of the Working Group on Digital Assets, his silence adds pressure to the timeline.

Organization

Department of Commerce(กระทรวงพาณิชย์)ℹ️

US government agency involved in the power struggle over the Bitcoin reserve.

Department of the Treasury(กระทรวงการคลัง)ℹ️

US government agency involved in the power struggle over the Bitcoin reserve.

Bloomberg(บลูมเบิร์ก)ℹ️

News agency that reported on the internal disputes regarding the Bitcoin reserve plan.

National Wealth Fund(กองทุนความมั่งคั่งแห่งชาติ)

A fund that the Commerce Department under Lutnick seeks to establish and manage.

Working Group on Digital Assets

A task force appointed by Trump to study digital assets.

Chamber of Digital Commerce(สมาคมบล็อกเชน)ℹ️

An organization expressing concern over the delays in the Bitcoin reserve plan.

Law

Exchange Stabilization Fund (ESF)(Exchange Stabilization Fund)ℹ️

A financial instrument managed by the Treasury Department, proposed for use in acquiring Bitcoin.

Place

Washington D.C.(วอชิงตัน ดี.ซี.)ℹ️

Location where cryptocurrency supporters are expressing concerns.