TLDR
- Patrick Witt, White House crypto advisor, promises a “big announcement” regarding the Strategic Bitcoin Reserve within weeks
- Representative Nick Begich is relaunching his Strategic Bitcoin Reserve legislation with a rebrand: the American Reserves Modernization Act (ARMA)
- ARMA proposes U.S. Treasury acquisition of up to 1 million Bitcoin across a five-year period through budget-neutral mechanisms
- Revisions to the legislation followed input from House Financial Services Committee and additional key congressional committees
- Prediction markets assign only 22% probability to a national Bitcoin reserve establishment by 2027
Efforts to establish Bitcoin as an official U.S. reserve asset continue to advance, though progress remains gradual. This week brought two significant updates illuminating the current status.
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During Monday’s Bitcoin 2026 conference in Las Vegas, White House crypto advisor Patrick Witt delivered remarks suggesting a “big announcement” concerning the Strategic Bitcoin Reserve would arrive in the coming weeks. Witt indicated the executive branch anticipates making a “big step forward” independently of congressional action.
As executive director of the President’s Council of Advisors for Digital Assets, Witt explained his team’s concentration on determining the legal framework necessary to safeguard the Bitcoin currently under government 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.
Last year, President Trump issued an executive order establishing a Strategic Bitcoin Reserve. This reserve draws primarily from Bitcoin already in government possession through criminal and civil asset forfeitures. An additional digital asset stockpile was simultaneously established.
Since executive orders remain vulnerable to reversal by subsequent administrations, congressional lawmakers are pursuing legislative solutions to cement the reserve’s permanence.
Bill Gets a New Name
During the same Las Vegas conference, Representative Nick Begich revealed plans to reintroduce his Strategic Bitcoin Reserve legislation under a new designation: the American Reserves Modernization Act, abbreviated as ARMA.
Begich initially presented the BITCOIN Act as complementary legislation to Senator Cynthia Lummis’ Senate proposal. The measure directs the U.S. Treasury to accumulate up to 1 million Bitcoin throughout a five-year timeframe employing budget-neutral approaches.
Following consultations with the House Financial Services Committee and additional pivotal committees, the bill underwent revisions. These committees provided guidance regarding necessary modifications to secure their backing.
According to Begich, the rebranding aims to enhance understanding among both the general public and congressional members about the initiative’s objectives. His intention is positioning Bitcoin as a reserve asset designated for long-term preservation, protected from sale or modification driven by changing political priorities.
Separate Senate Bill Also in Play
Senators Lummis and Bill Cassidy have separately introduced the Mined in America Act. This legislation concentrates on codifying Trump’s executive directive while simultaneously providing support for the domestic Bitcoin mining sector.
Begich declined to provide a specific timeline for when ARMA might advance to a congressional vote.
Given the CLARITY Act’s current precedence in Congress, cryptocurrency traders maintain skeptical outlooks regarding near-term results. Prediction markets presently assign merely a 22% probability to a national Bitcoin reserve becoming operational before 2027.
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