Patrick Witt, a member of the President’s Council of Advisors for Digital Assets, confirmed in a Sunday interview with Scott Melker that a Strategic Bitcoin Reserve announcement is on the way.
Witt said Deputy Chief Harry Jung has led the interagency process triggered by President Trump’s executive order, and that work has continued quietly even as the CLARITY Act dominated headlines.
He declined to offer specifics but stated:
“We’ll have an announcement.”
Legislation needed to make it stick
Witt was direct about why an executive order alone isn’t enough, pointing to the pattern of each incoming administration reversing the previous one’s orders on day one.
He stated:
“We have been very clear from the beginning this needs to be codified into law.”
Senator Cynthia Lummis (R-Wyo.) is pushing the Bitcoin Act in the Senate, while Representative Tom Emmer is preparing to introduce the ARMA bill in the House.
The administration has worked closely with both on updated versions incorporating stakeholder feedback.
Banks need clarity too
Witt argued that banks may actually need the CLARITY Act more than the crypto industry itself, since Title IV bank permissible activities are critical for institutions to engage with digital assets.
Without clear legislation, banks are left depending on OCC interpretations that flip with each administration.
He cited SoFi as an example — the company entered crypto early, was forced to shut it down under Biden, and is now turning it back on.
Global pressure building
Witt noted that the U.S. government signaling bitcoin as a worthy strategic reserve asset puts every central bank and government on notice that they may need to hold it too, calling it the most powerful form of institutional sponsorship possible.
On the CLARITY Act itself, Witt put it at roughly 90% complete on substance, with mainly political issues remaining, and said the administration is targeting a July–August passage before midterm season heats up.
