New "Digital Asset Reserve": What It Means for Broker-Dealers and Investment Advisers

On March 6, 2025 President Donald Trump issued an executive order formally establishing a Strategic Bitcoin Reserve alongside a United States Digital Asset Stockpile, placing digital assets among the strategic resources the government will hold for long term management To house purses seized through criminal or civil forfeiture, the order directs the Treasury to create custodial accounts for these holdings, with explicit instructions that the bitcoin is not to be sold and must serve government objectives as a reserve asset. Within thirty days agencies must report any extra holdings to the Treasury, and the Treasury and Commerce secretaries are tasked with developing budget-neutral strategies to acquire additional bitcoin without burdening taxpayers.

This landmark directive also applies to non-bitcoin digital assets forfeited to the government, establishing a separate stockpile whose stewardship, including possible future sales will be determined by Treasury in accordance with law. The initiative drew swift attention, as analysts noted that it marks the first formal recognition of bitcoin as a U.S. reserve asset and signals a major shift toward integrating crypto into national financial strategy .

The move has stirred both optimism and criticism. Supporters argue the reserve elevates the United States in the global digital economy, reinforcing its role in financial innovation. Skeptics warn of volatility, strategic ambiguity, and potential conflicts of interest, noting that crypto’s speculative nature may undermine its value as a national reserve.

For broker-dealers, RIAs and financial firms, the order underscores a new reality. The government’s reserve could influence market dynamics, heighten expectations around reporting and suitability for crypto transactions, and prompt shifts in custody standards. As these rules evolve, firms are being encouraged to adapt compliance and disclosure protocols to reflect the emerging regulatory landscape.

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Correction: September 7, 2025.

Sources: The White House, Investopedia, AP News, Reuters, The Washington Post, The Verge