White House still evaluating structure for bitcoin reserve, says Congressional approval needed
By
Jesse Hamilton
Summary
The White House is still determining the best approach for establishing a U.S. bitcoin reserve and a separate stockpile of other crypto assets. Chief crypto adviser Patrick Witt and his predecessor have indicated that Congressional backing will be necessary to fully form and activate these crypto funds, as presidential orders lack the weight of law. No legislation has advanced yet, though efforts are simmering among lawmakers in both the Senate and House. The political landscape — including potential Republican losses in the midterm elections — could impact the initiative's progress.
Source
bskyWhite House still evaluating structure for bitcoin reserve, says Congressional approval neededcoindesk.comKey quotes
· 3 pulledThe White House says the administration is still figuring out the best approach for a bitcoin reserve.
Presidential orders don't carry the weight of law, and no legislation has yet advanced.
The White House says it's still evaluating the 'best structure' for the federal fund to hold bitcoin as a long-term reserve and a separate stockpile of other crypto assets.
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