As lawmakers work on legislation to cement President Donald Trump's strategic bitcoin reserve into law, the White House's top crypto adviser, Patrick Witt, previewed a 'big announcement' coming in the next few weeks on next steps for that reserve.
Speaking on a panel Monday at the Bitcoin 2026 conference in Las Vegas, the executive director of the President’s Council of Advisors for Digital Assets said he and others have been working on Trump's strategic bitcoin reserve.
"The president signed the strategic bitcoin reserve executive order last year, and 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.
In the first few months of the new presidential administration, President Trump signed an executive order to create a strategic bitcoin reserve, funded mainly through bitcoin already owned by the government through criminal or civil forfeitures, and a separate digital asset stockpile.
Executive orders don't hold the same staying power as legislation, and lawmakers have been working to pass a bill to codify Trump's actions. Last year, Sen. Cynthia Lummis, R-Wyo., and Rep. Nick Begich, R-Alaska, reintroduced the "Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act," or BITCOIN Act.
The bill builds upon the executive order while also including language for acquiring 1 million bitcoin over five years using "budget-neutral strategies."
On Monday, Begich said the bill was being renamed as the American Reserves Modernization Act (ARMA).
"So in the next few weeks, we'll be making a big announcement," Witt said. "I think we have a bit of a breakthrough there, and obviously that needs to be followed up with legislation."
"In the meantime, we do believe we're going to be able to take a big step forward from the executive branch side in the next few weeks," Witt added.
The White House did not immediately respond to a request for comment regarding the announcement.