Patrick Witt, the Executive Director of the President’s Council of Advisors for Digital Assets, has provided an update on the Strategic Bitcoin Reserve, stating that they plan to announce plans towards implementing President Trump’s executive order soon. This comes as the CLARITY Act takes center stage, with the bill to codify the initiative still on the sidelines.
White House To Make Strategic Bitcoin Reserve Announcement Soon
In an interview on the Thinking Crypto podcast, Witt said they will make an announcement about the Strategic Bitcoin Reserve within the next two months. He indicated that the announcement will border on Trump’s executive order, which already directed the executive branch to take steps toward establishing this reserve using seized BTC.
The White House crypto advisor also revealed that they are in constant communication with members of Congress about taking steps to codify the initiative. He stated that Representative Nick Begich is introducing some new legislation, which will largely track the BITCOIN Act but with changes based on the feedback they have received.
Begich and Senator Cynthia Lummis reintroduced the BITCOIN Act last year, a bill that aims to establish a Strategic Bitcoin Reserve. The bill also directs the U.S. Treasury to acquire 1 million BTC over five years.
Senator Lummis had indicated last year that they would turn their attention to the BITCOIN Act once the GENIUS and CLARITY Acts passed. However, the CLARITY Act is currently facing obstacles and looks unlikely to pass anytime soon, with a markup for the crypto bill yet to take place.
Only 23% Chance Of A Reserve Before 2027
Crypto traders are currently not optimistic about the U.S. establishing a Strategic Bitcoin Reserve before next year. Polymarket data shows only a 23% chance of that happening, especially with the CLARITY Act also facing uncertainty of passing this year.
Despite fading optimism about these crypto bills, it is worth noting that Senators Bill Cassidy and Cynthia Lummis have introduced the Mined in America Act. This bill also aims to codify the Strategic Bitcoin Reserve while strengthening the BTC mining industry in the country.
These crypto bills are also at risk of stalling, as Democrats are in a strong position to retake the Senate and House. As such, they could foil the pro-crypto efforts of the current administration, especially considering the anti-crypto stance under former President Joe Biden.