Bitcoin has struggled along with stock markets since the beginning of the U.S. war with Iran (even with U.S. secretary of war Pete Hegseth revealing bitcoin is a U.S. weapon being used to combat China).
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The bitcoin price has climbed back over $80,000 per bitcoin, up 30% since its February lows after wild swings, and fueling a $16 trillion by 2030 bitcoin price prediction.
Now, as incoming Federal Reserve chair Kevin Warsh declares bitcoin the “new gold,” the White House’s top crypto adviser Patrick Witt has said he’s targeting July 4 to pass the crypto market structure Clarity Act—and said it will be followed by legislation codifying president Donald Trump’s bitcoin reserve.
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Details of U.S. president Donald Trump’s bitcoin reserve are set to be revealed in the coming weeks, potentially boosting the bitcoin price.
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“We’re targeting July 4,” Witt, the White House’s executive director of the president’s council of advisors for digital assets, said at the Consensus conference in Miami in comments reported by The Block. “I think that would be a tremendous birthday present for America, celebrating our 250th.”
The odds of the Clarity Act being passed this year have jumped to almost 70% on the Polymarket prediction platform, up from just over 40% last month.
Earlier this month, Punchbowl reported that Senate lawmakers have reached a compromise on how the bill treats stablecoin interest payments and are looking at a “markup in May.”
Witt said that the Senate could advance the legislation by June, leaving enough time for the House to pass its version, which would need to be reconciled with the Senate’s final bill before being sent on to president Donald Trump’s desk.
Meanwhile, Witt also repeated an earlier promise of an update on the U.S. bitcoin reserve “in the next few weeks.”
The bitcoin reserve, created last year by an executive order, was seeded with the 200,000 bitcoin the government already held from criminal and civil asset forfeiture proceedings, with the order prohibiting its sale.
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The bitcoin price has surged in recent weeks, with bitcoin now braced for some major updates.
Forbes Digital Assets
“Number one is we want to get our own house in order. We want to properly safeguard, custody these assets before we discuss any details around it,” Witt said, it was reported by Coindesk, adding that the upcoming announcement would address some of the open questions on size and structure, but said he did not want to “front-run any of the other principals involved.”
Witt pointed to senator Cynthia Lummis’s Bitcoin Act representative Nick Begich’s American Reserves Modernization Act in the House as a way that the bitcoin strategic reserve could be codified in law.
“[The executive order] always needed to be followed up with proper legislation,” Witt said. Both bills see the U.S. buying 1 million bitcoin over a five-year period for the reserve.
The bitcoin price rally in recent weeks has emboldened bitcoin bulls, who are feeling increasingly upbeat about the crypto market’s outlook.
“Attention is increasingly shifting toward potential policy catalysts,” Konstantinos Chrysikos, head of customer relationship management at Kudotrade, said in emailed comments.
“Markets are awaiting further details from the White House regarding the U.S. Strategic Bitcoin Reserve, a development that could reinforce confidence in bitcoin and strengthen long-term demand expectations. At the same time, improving sentiment around Middle East negotiations has helped reduce oil prices, easing inflation concerns and pushing Treasury yields lower, reducing pressure on non-yielding assets. Progress on the geopolitical front could also favor appetite for risk assets, including bitcoin.”