White House Set to Announce Strategic Bitcoin Reserve Plans Within Two Months

Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, confirmed that the White House will soon release an official announcement regarding the Strategic Bitcoin Reserve. Speaking on the Thinking Crypto podcast, Witt revealed the update is expected within the next two months and will align with President Trump's executive order directing the executive branch to establish the reserve using government-seized Bitcoin.

Witt also disclosed that the administration is actively coordinating with congressional members to formally codify the initiative into law. Representative Nick Begich is reportedly preparing new legislation that closely mirrors the existing BITCOIN Act but incorporates revisions based on stakeholder feedback. Previously, Begich and Senator Cynthia Lummis reintroduced the BITCOIN Act, a landmark proposal that would require the U.S. Treasury to accumulate one million BTC over a five-year period.

Progress on the legislative front, however, remains slow. Senator Lummis had previously stated that the BITCOIN Act would take priority once both the GENIUS and CLARITY Acts were passed. The CLARITY Act, which serves as key foundational crypto market structure legislation, is currently stalled with no markup scheduled, casting doubt on its passage this year.

Prediction market platform Polymarket currently places only a 23% probability on the U.S. launching a Strategic Bitcoin Reserve before 2027, reflecting growing skepticism among crypto traders. Adding to the uncertainty, Democrats are increasingly positioned to reclaim majorities in both the Senate and House, potentially blocking the administration's pro-crypto agenda.

On a more optimistic note, Senators Bill Cassidy and Lummis have introduced the Mined in America Act, a bill designed to simultaneously codify the Strategic Bitcoin Reserve and bolster domestic Bitcoin mining operations. Whether these combined legislative efforts gain enough momentum remains to be seen as the political landscape continues to evolve.