Key Takeaways
- Patrick Witt, White House crypto advisor, confirms a major Strategic Bitcoin Reserve announcement will arrive within weeks
- Representative Nick Begich plans to resubmit the Strategic Bitcoin Reserve legislation with a new title: American Reserves Modernization Act (ARMA)
- ARMA proposes U.S. Treasury acquisition of up to 1 million Bitcoin across a five-year timeline through fiscally neutral methods
- Revisions to the legislation followed consultations with House Financial Services Committee and additional congressional committees
- Prediction markets currently assign just 22% probability to establishment of a federal Bitcoin reserve by 2027
Efforts to integrate Bitcoin into America’s official reserve assets continue advancing, though progress remains measured. Recent developments from this week highlight the current state of these initiatives.
Patrick Witt, serving as White House crypto advisor, addressed attendees at the Bitcoin 2026 conference held in Las Vegas this Monday. During his remarks, he revealed a significant Strategic Bitcoin Reserve announcement would arrive in the coming weeks. Witt indicated the executive branch plans to advance independently on certain fronts, regardless of congressional action.
As executive director of the President’s Council of Advisors for Digital Assets, Witt explained his team’s recent priorities have centered on determining the proper legal framework to safeguard Bitcoin currently in federal custody.
“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.
President Trump issued an executive order previously establishing a Strategic Bitcoin Reserve. The reserve draws primarily from Bitcoin obtained through government seizures in criminal and civil cases. An additional stockpile for various digital assets was simultaneously established.
Future administrations retain authority to overturn executive orders. This reality drives lawmakers to pursue statutory legislation ensuring the reserve’s permanence.
Legislation Receives Updated Title
During the identical conference, Representative Nick Begich revealed plans to resubmit his Strategic Bitcoin Reserve proposal. The updated version carries the name American Reserves Modernization Act, abbreviated as ARMA.
Begich initially presented the BITCOIN Act as complementary legislation to Senator Cynthia Lummis’ proposal in the Senate. The measure directs the U.S. Treasury to purchase as many as 1 million Bitcoin throughout a five-year period while maintaining budget neutrality.
Revisions to the proposal emerged following discussions with the House Financial Services Committee alongside other influential congressional committees. These bodies provided recommendations outlining modifications necessary to secure their endorsement.
Begich explained the title modification aims to clarify objectives for both citizens and congressional colleagues. His vision positions Bitcoin as a reserve asset designated for extended preservation, shielded from liquidation or modification based on changing political landscapes.
Additional Senate Proposal Under Consideration
Senators Lummis and Bill Cassidy have simultaneously introduced the Mined in America Act. This separate proposal focuses on establishing legal foundation for Trump’s executive directive while simultaneously bolstering domestic Bitcoin mining operations.
Begich acknowledged uncertainty regarding ARMA’s voting schedule.
Given current congressional focus on the CLARITY Act, cryptocurrency market participants maintain cautious expectations regarding immediate progress. Prediction markets presently reflect merely 22% likelihood of a national Bitcoin reserve existing prior to 2027.
