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Publié le 8 July 2026

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US Bitcoin Strategic Reserve Blocked by Washington — but States and Lobbyists Are Moving Forward

The idea of a US strategic Bitcoin reserve, which generated enormous enthusiasm in the crypto community following favorable statements from the Trump administration, is now confronting Washington’s political reality. The project — which would involve creating a national stockpile of Bitcoin held by the federal government — is running into an inter-agency conflict that is paralyzing its progress. Meanwhile, states and crypto industry lobbyists are taking the lead, creating a bottom-up dynamic that contrasts sharply with federal gridlock. This dual movement — Washington stalled, states and private actors advancing — is being covered by both CoinDesk and CoinTelegraph, confirming the growing importance of the issue.

The federal deadlock is characteristic of American bureaucratic complexity. CoinDesk reports that federal agencies are “hashing it out” over who has jurisdiction to oversee such a reserve. Is it the Treasury, which manages traditional strategic reserves (oil, minerals)? The Federal Reserve, which conducts monetary policy? The Department of Defense, which oversees critical stockpiles? Or a new dedicated agency? Each agency has different interests, prerogatives, and concerns, and no consensus is emerging. CoinTelegraph confirms that the project is “stalled by a federal jurisdictional conflict.”

This situation is paradoxical. The Trump administration has been the most crypto-friendly in American history. The SEC is preparing pro-crypto rules. The general discourse in Washington has shifted radically since the Biden-Gensler era. Yet on the specific issue of the Bitcoin strategic reserve, the bureaucratic machinery continues to grind slowly. This illustrates a fundamental truth of American politics: changes in rhetoric happen faster than institutional change. Even with political will, transforming the state apparatus takes time.

But where the federal level is blocked, the states are moving forward. New Hampshire is spearheading this movement with the hearing of its $100 million Bitcoin bonds project. After two consecutive cycles of coverage by CoinTelegraph, the state of New Hampshire is holding its course: issuing Bitcoin-backed bonds to finance public projects. This is not a strategic reserve in the federal sense — it is a different mechanism — but the political signal is clear: states do not want to wait for Washington to make up its mind.

If New Hampshire succeeds, other states could follow. Texas, already very active in Bitcoin mining, Florida, and Wyoming (the most crypto-friendly of US states) are natural candidates. We would then witness a phenomenon of “Bitcoin arms race” between states, each seeking to attract crypto businesses and investors through favorable policies. This is the same dynamic that led Wyoming to create the first legal framework for DAOs, or Florida to attract the headquarters of crypto exchanges.

Alongside the states’ advances, the crypto industry itself is going on the legal offensive. The Digital Chamber, one of the leading crypto lobbying associations, has filed an amicus brief seeking to overturn a New York State case involving 39,069 Bitcoin wallets. The amount at stake is colossal: 39,069 Bitcoin, or approximately $2.4 billion at current prices. The amicus brief is a legal maneuver that allows a third party (in this case, the Digital Chamber) to submit arguments to a court without being a party to the case. The message is clear: the crypto industry is no longer content to simply defend itself — it is going on the attack to protect its users’ assets.

These two developments — state-level advances and the industry’s legal offensive — are complementary. While Washington deliberates, states are creating legislative precedents and the industry is building legal defenses. Together, they are preparing the ground for the moment when the federal government unblocks the situation. Because there is little doubt that, in time, a US Bitcoin strategic reserve will come into being. The question is not whether, but when and in what form.

The macroeconomic context makes this reflection all the more relevant. With Bitcoin at $62,500, a Fear & Greed Index at...