PANews reported on March 8 that according to News.bitcoin, the White House explained Trump's executive order that confiscated bitcoins will no longer be sold and will be stored as part of a new strategic bitcoin reserve managed for the U.S. Treasury. Other digital assets will enter a separate U.S. digital asset reserve. The goal is to strengthen supervision, improve management and develop a long-term encryption strategy. U.S. federal agencies must now report their Bitcoin holdings directly to the Treasury Department.