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Since I am not a US citizen, I don't follow the matter very closely, even though Bitcoin is universal and perhaps I should. But my question is: What's happening now? Where is this seized Bitcoin stored? In exchanges? Because I thought they were already keeping it in their own custody.

This year President Donald Trump signed the GENIUS Act into law which gave the US government the right to establish a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile. But government is yet to make any purcahse since the law was enacted. So only seized Bitcoins are in the government's disposal.

In March this year a US top official claimed that the country still owns about forfeitured 200,000 Bitcoin. There is no clarity about how the seized Bitcoins are managed or where they are kept. But last year the government transferred about 19,800 Bitcoin to Coinbase Prime wallet.

The Treasury Department controls the Bitcoin Strategic Reserve under a new law. Previously, the US Marshals Service sold Bitcoin at auctions. I also don’t know where the Bitcoins are stored or whether the Treasury Department uses accredited intermediaries, but the US Congress has also become interested

They smell the blood in the water and they flock to it Wink

I think it is right to define the control system at the very beginning.
https://intel.arkm.com/explorer/entity/usg
This is a huge amount of money and is contained in many wallets. In the modern world, it is impossible to hide it, which means it must be properly controlled. This is a small fact that cryptocurrencies will have a good future in the US.