Odaily News “It is unclear whether the strategic reserve can be established solely by executive order of the president. If it involves the Fed’s balance sheet, it would require a specific act of Congress. It is also unlikely that the U.S. government would order reserves at the Treasury without involving the Fed’s balance sheet,” Bernstein analysts led by Gautam Chhugani said in a note.
Some believe that the U.S. Treasury's Exchange Stabilization Fund (which manages foreign exchange and gold) could be used to purchase cryptocurrencies without immediate congressional approval because it operates under executive control. However, its responsibilities are primarily foreign exchange and financial stability, so using it as a cryptocurrency reserve could face legal and political challenges. (Theblock)