Patrick Witt, former executive director of the President’s Council of Advisors for Digital Assets, says the administration needs explicit congressional authorization before purchasing Bitcoin on the open market for the Strategic Bitcoin Reserve. This requirement stems from a provision in the National Defense Authorization Act, raising questions about the legality of purchases without congressional approval. Created by executive order on March 6, 2025, the reserve primarily holds Bitcoin seized by federal authorities, with estimates ranging from 200,000 to 328,000 BTC. Bill H.R. 8957, approved by the House Financial Services Committee by a 28-21 vote, addresses custody, imposes a 20-year holding period and requires annual reporting, but it has not passed either chamber. No purchases have occurred so far, and Treasury’s work is focused mainly on custody infrastructure and legal compliance, while gold revaluation and asset conversions remain exploratory.
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