Overview
- Patrick Witt, a White House digital-assets adviser, said an update on the Strategic Bitcoin Reserve will arrive within the next few weeks at a crypto industry conference in Miami.
- He said agencies have spent months auditing and consolidating seized bitcoin and other tokens after President Trump’s order halted prior quick sales of government-held crypto.
- Witt cited reporting of an exploit tied to U.S. Marshals Service seizure wallets as proof that stronger custody is needed, and he declined to state current holdings until safeguards are in place.
- He said the reserve will not take assets that are still in active cases, with funds first moving through forfeiture and potential restitution to victims before any transfer to the reserve.
- He said Congress must lock the framework into law, pointing to Sen. Cynthia Lummis’s BITCOIN Act and Rep. Nick Begich’s American Reserves Modernization Act, and he flagged a separate push for the Clarity Act with a House target around July 4 and a Senate Banking markup this month.