Gate News message, April 28 — Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, previewed a major announcement regarding President Trump’s strategic bitcoin reserve during a panel at the Bitcoin 2026 conference in Las Vegas on Monday.
Witt stated that his team has been working on implementing Trump’s strategic bitcoin reserve executive order, signed last year, which established a government-held bitcoin stockpile funded primarily through bitcoin acquired via criminal and civil forfeitures. “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.
Lawmakers have been advancing legislation to codify the executive order into law. Sen. Cynthia Lummis (R-Wyo.) and Rep. Nick Begich (R-Alaska) reintroduced the bill, now renamed the American Reserves Modernization Act (ARMA), which aims to acquire 1 million bitcoin over five years using budget-neutral strategies. Witt indicated progress on both fronts: “In the next few weeks, we’ll be making a big announcement. 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.”
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