White House crypto advisor Patrick Witt said the White House is preparing an announcement on the proposed Strategic Bitcoin Reserve, signaling that the administration has made progress on the legal and operational work required to implement the plan.
Speaking with host Scott Melker at The Wolf Of All Streets Podcast on Sunday, Witt said work on the reserve continued behind the scenes even as attention shifted to the Digital Asset Market Clarity Act.
“We’ll have an announcement,” Witt said, adding that officials are focused on ensuring the reserve is structured in a way that is legally sound and that government-held digital assets are properly safeguarded.
White House says work never stopped
Witt said the reserve initiative has been led internally by Deputy Chief Harry Jung, who has coordinated the interagency process launched by President Donald Trump through an executive order.
According to Witt, that process has involved reviewing agency authorities, drafting legal memoranda, and determining how the federal government would securely custody Bitcoin and other digital assets. He described the effort as a collaboration involving the White House policy team and other federal agencies responsible for carrying out the executive order.
Reserve plan seen as more than an executive order
While Witt said the administration is close to a public update, he emphasized that any Strategic Bitcoin Reserve should eventually be codified by Congress.
Executive orders can be rescinded by future administrations, he noted, making legislation the only way to establish a durable federal policy. “We have been very clear from the beginning this needs to be codified into law,” Witt said.
Custody concerns added urgency
Witt said recent concerns involving the handling of government-controlled digital assets highlighted the need for stronger custody procedures.
He referenced reports that certain digital assets under the control of the United States Marshals Service were not adequately safeguarded, calling it a reminder that crypto reserves require specialized operational controls.
“These assets are unique,” Witt said. “It’s going to require the government to do this in a different way.”
CLARITY Act dominated the agenda
The Strategic Bitcoin Reserve has received less public attention in recent weeks as lawmakers focused on the Digital Asset Market Clarity Act, which advanced out of the Senate Banking Committee. The bill seeks to establish a regulatory framework for digital asset markets, including definitions for decentralization, consumer protections, and anti-money laundering standards.
Witt said the reserve initiative remained active throughout that legislative push and is now approaching what he described as an announcement phase.
The White House has not provided a specific timeline or disclosed details about how the reserve would be funded, what assets it would hold, or which agencies would manage it.
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