White House advisor Patrick Witt: US Bitcoin strategic reserve to be "announced within weeks," legal framework has achieved a breakthrough

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Patrick Witt, Executive Director of the White House Digital Assets Advisory Committee, announced at the Bitcoin 2026 conference that the Trump administration will release a major announcement regarding the Strategic Bitcoin Reserve (SBR) in the coming weeks, noting that his team has made "breakthrough" progress on the legal framework. Currently, the U.S. federal government holds approximately 328,000 BTC, valued at $25 billion, making it the largest known sovereign holder globally; however, these BTC were all seized and have not yet been actively purchased. The upcoming announcement is expected to focus on the formal disclosure of the operational structure and legal basis, paving the way for future active accumulation of BTC. (Previous coverage: Full text of the U.S. Strategic Bitcoin Reserve Executive Order: Treasury to establish a dedicated office, all federal agencies to report BTC transfer authority within 30 days) (Background: White House Crypto Advisor: Davos 2026 becomes a turning point for global crypto normalization, stablecoins are a "gateway drug" for global finance) Patrick Witt, Executive Director of the White House Digital Assets Advisory Committee, appeared at the "Bitcoin 2026" conference in Las Vegas on April 26, 2026, and dropped a bombshell: the Trump administration will release a major announcement regarding the Strategic Bitcoin Reserve (SBR) within the "coming weeks," stating that his team has made "breakthrough" progress on the legal framework and plans to take action before new legislation reaches Congress. As it stands, the U.S. federal government currently holds approximately 328,372 BTC, with an estimated market value of $25 billion as of April 2026, making it the largest known sovereign holder in the world. This batch of BTC was almost entirely acquired through federal law enforcement seizures (criminal cases such as drug busts and hacking cases) rather than active government purchases. On March 6, 2025, Trump established the SBR framework via executive order, requiring the Treasury Department to set up a dedicated office and mandating that all federal agencies report BTC transfer authority within 30 days and complete an audit within 60 days. However, both deadlines have passed, and federal agencies have yet to release detailed execution reports, leaving the outside world in the dark regarding the true progress of the SBR. Witt’s appearance on stage, to some extent, fills this period of silence—he clearly signaled that the internal integration of the legal and operational framework is in place, and the announcement is only a matter of time. Based on the context of Witt’s remarks, this "major announcement" is most likely to focus on the following aspects: - Formal disclosure of the legal framework: Establishing the legal status and transparency of SBR holdings, allowing the outside world to verify the 328,000 BTC figure. - Progress of the Treasury’s SBR office: Operational details of the dedicated office required by the executive order have not yet been disclosed. - "Budget-neutral" active accumulation mechanism: Operational paths to increase BTC holdings through fiscal tools (such as tariff revenue or asset reinvestment) without utilizing new treasury expenditures. - Declaration of cross-agency integration: Consolidating the seized BTC held by various federal agencies into a single custodial structure. The executive order is only the first step; long-term legal protection for the SBR still requires congressional legislation. Representative Nick Begich (R-AK) has announced that he will resubmit the supporting bill—the original "BITCOIN Act" has been renamed the "American Reserves Modernization Act (ARMA)," with the renaming intended to garner broader bipartisan support in the House Financial Services Committee. Market expectations currently suggest that the fastest legislative path for SBR provisions is to be attached to the National Defense Authorization Act (NDAA) revision at the end of 2026. If the provisions pass, this batch of 328,000 BTC will be upgraded from "policy holdings" at the executive order level to "permanent national assets" protected by congressional legislation. In an optimistic scenario, if the announcement outlines a concrete and active accumulation path, it will serve as a clear signal for institutional investors to adjust their Bitcoin allocations. In a pessimistic scenario, if the announcement is merely a "legal framework prospectus," the short-term market reaction may be far less enthusiastic than expected. It is worth noting that Witt deliberately used the phrasing "breakthrough in the legal framework" rather than "have started buying"—this indicates that the SBR is still in the stage of structural confirmation, and it may still require explicit congressional authorization before the Treasury can truly use funds to actively purchase BTC. From a global perspective, if the U.S. formally establishes an active accumulation framework for the SBR, it will provide the ultimate endorsement for other sovereign nations (El Salvador and Bhutan already hold positions;

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