The White House is on the verge of a formal announcement on the U.S. Strategic Bitcoin Reserve — and the official leading the charge says the hard part is done.
Patrick Witt is the Executive Director of President’s Council of Advisors for Digital Assets. told an interviewer This week, the administration cleared a significant legal obstacle in setting up the Reserve.
“We’ll have an announcement,” Witt said. “I wish I could say more… It’s a breakthrough as far as getting everything in place, legally sound, properly safeguarding the assets.”
This signal comes after Witt’s similar announcement at the Bitcoin2026 conference held in Las Vegas. He told attendees that an update would be available within weeks.
The President of the United States, Donald Trump signed The executive order will establish the Strategic Bitcoin Reserve by March 6, 2025. Witt said that since then, his deputy Harry John, has led the interagency processes: identifying which legal authorities existed, commissioning necessary legal memos and building an infrastructure for custody and reporting across federal agencies, designed to be used with gold and not private keys.
The reserve holds an estimated 328,372 BTC — roughly 1.6% of total global supply — accumulated through law enforcement seizures, including the Silk Road takedown, the 2022 Bitfinex hack recovery, and years of criminal forfeitures.
The Executive Order bars Treasury is able to earn revenue from the sale of a single penny.
The U.S. Government was enraged by a government hack of bitcoin
Witt highlighted a recent breach of the U.S. Marshals Service is proof of the urgency in which security needs are met by Reserve. A government contractor named John Daghita allegedly stole The FBI apprehended him in March of 2026. Another $24,000,000 theft has been traced back to October 20,24.
“It’s a case in point for why it was so necessary that the president established the SBR,” Witt said.
The moment the new president is inaugurated, an executive order will be revoked. This vulnerability is at the heart of two bills that are currently moving through Congress. Rep. Nick Begich recently rebranded Act of the American Reserves Modernization Act. would authorize the U.S. Treasury to purchase up to 200,000 BTC per year for five years — with holdings locked for a minimum of 20 years. Senator Cynthia Lummis is putting Congress under pressure, asking for a vote to be held before summer recess. Midterm campaigns are taking over floor time.
If the BITCOIN Act passes, the Treasury’s first open-market Bitcoin purchase is projected for Q4 2026 — making the U.S. the first sovereign nation to actively accumulate Bitcoin as a strategic reserve asset.
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Source: bitcoinmagazine.com
