A formal update on the U.S. Strategic Bitcoin Reserve could come within weeks, according to White House digital assets adviser Patrick Witt. Speaking at Consensus 2026, Witt said officials have finished the legal and custody framework for seized Bitcoin holdings tied to President Donald Trump’s March 6, 2025 executive order.
Custody and legal design cleared a key hurdle
Witt said the administration completed both the legal and operational structure needed to protect Bitcoin held by the government. In remarks made during an interview with Scott Melker, he said earlier problems around compliance requirements and custody arrangements for seized assets had been resolved, allowing the reserve system to move ahead on firmer legal footing. He added that Deputy Harry John worked across agencies with Stephen Miller’s policy team to coordinate the process.
The March 2025 executive order created the Strategic Bitcoin Reserve and directed the Treasury Department to retain forfeited Bitcoin. It also barred federal agencies from selling Bitcoin held in reserve accounts. That order shifted the treatment of seized BTC away from routine disposal and toward a longer-term government reserve model.
Administration backs legislation beyond executive action
Witt also said executive orders on their own cannot permanently secure the reserve structure. A later administration could reverse those actions unless Congress passes legislation protecting the system. For that reason, the administration continues to support proposals connected to the BITCOIN Act and the American Reserve Modernization Action Act.
He said attention in Washington has recently centered more on the CLARITY Act, while reserve work kept moving behind the scenes. Witt described the Strategic Bitcoin Reserve as “the forgotten stepchild” in the wider debate over crypto legislation.
U.S. holdings discussed at 328,372 BTC
Figures cited during Consensus 2026 showed the U.S. government held about 328,372 BTC as of February 2026. With Bitcoin trading near $77,277 on May 18, 2026, those holdings were worth about $25.4 billion. At that scale, the United States ranks among the world’s largest known state Bitcoin holders.
Witt also pointed to earlier custody issues involving the U.S. Marshals Service. He said prior losses exposed weaknesses in the government’s digital asset storage systems, adding urgency to stronger protections. One of the main aims of the reserve framework is to place forfeited on-chain assets inside a clearer legal and custody structure.
Beyond the reserve itself, Witt said the U.S. needs domestic digital asset rules in place before foreign governments define global standards.