Coinbase Seeks Breakthrough in Strategic Bitcoin Reserve Talks

Coinbase is in talks with the U.S. Treasury and Commerce Departments to advance the Strategic Bitcoin Reserve initiative.

The reserve aims to institutionalize a secure storage of Bitcoin, primarily using assets seized through criminal and civil forfeitures.

According to the American Reserve Modernization Act (H.R. 8957), the Treasury will be required to establish 'secure Bitcoin storage facilities' within five years.

A government-controlled wallet transferred 3,941 Bitcoins and 30,007 Ethereum to Coinbase Prime in August, totaling approximately $288.3 million.