TLDR
- Patrick Witt, White House crypto advisor, confirms a significant announcement regarding the Strategic Bitcoin Reserve will arrive within weeks
- Congressman Nick Begich has renamed his Strategic Bitcoin Reserve legislation to the American Reserves Modernization Act (ARMA)
- ARMA legislation seeks U.S. Treasury acquisition of up to 1 million Bitcoin across a five-year period through budget-neutral methods
- Legislative revisions followed consultations with the House Financial Services Committee and additional key congressional committees
- Prediction markets currently assign only 22% probability to establishing a national Bitcoin reserve prior to 2027
The United States government’s initiative to establish Bitcoin as an official reserve asset continues to progress, albeit at a measured pace. This week brought two significant developments that illuminate the current state of affairs.
Patrick Witt, serving as the White House’s crypto advisor, addressed attendees at the Bitcoin 2026 conference held in Las Vegas on Monday. During his remarks, he revealed that a substantial announcement concerning the Strategic Bitcoin Reserve would emerge in the coming weeks. Witt additionally indicated that the executive branch anticipates making considerable independent progress, distinct from any congressional legislation.
As executive director of the President’s Council of Advisors for Digital Assets, Witt explained his team’s concentration on determining the necessary legal procedures to safeguard the Bitcoin currently in government possession.
“We’ve gone to work in figuring out exactly the machinations necessary and legal interpretations that we need to get that right and solidify that and protect the digital assets, specifically bitcoin that we have on the government balance sheet,” Witt said.
Last year, President Trump enacted an executive order establishing a Strategic Bitcoin Reserve. This reserve primarily derives funding from Bitcoin already held by the government through criminal and civil asset forfeitures. An additional digital asset stockpile was simultaneously established.
Since future presidents can overturn executive orders, legislators are pursuing statutory measures to create a permanent reserve framework.
Bill Gets a New Name
During the same conference, Congressman Nick Begich revealed plans to reintroduce his Strategic Bitcoin Reserve legislation under a revised title: the American Reserves Modernization Act, abbreviated as ARMA.
Begich initially presented the BITCOIN Act as a House counterpart to Senator Cynthia Lummis’ Senate proposal. The legislative framework directs the U.S. Treasury to purchase up to 1 million Bitcoin throughout a five-year timeline utilizing budget-neutral approaches.
Following extensive consultations with the House Financial Services Committee alongside other critical congressional committees, the bill underwent significant revisions. These committees provided input regarding necessary modifications to secure their endorsement.
According to Begich, the rebranding serves to clarify the legislation’s objectives for both the general public and congressional members. His vision positions Bitcoin as a reserve asset designated for long-term preservation, insulated from political fluctuations that might otherwise trigger asset sales or policy reversals.
Separate Senate Bill Also in Play
Senators Lummis and Bill Cassidy have separately introduced the Mined in America Act. This legislation focuses on codifying Trump’s executive directive while simultaneously bolstering the domestic Bitcoin mining sector.
Begich acknowledged he could not provide a definitive timeline regarding when ARMA might advance to a congressional vote.
Given that the CLARITY Act currently commands congressional priority, cryptocurrency traders maintain skeptical outlooks regarding near-term progress. Prediction markets presently indicate merely a 22% probability that a national Bitcoin reserve will be operational before 2027.
