- Officials finalized legal and custody structures for the U.S. Strategic Bitcoin Reserve framework.
- The U.S. government reportedly holds over 328,000 BTC valued at roughly $25 billion.
- The administration is supporting legislation to protect the Bitcoin reserve beyond executive orders.
The White House said a formal update on the U.S. Strategic Bitcoin Reserve could arrive within weeks after officials finalized custody and legal structures for seized Bitcoin holdings. Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, disclosed the progress during Consensus 2026 while discussing the government’s effort to secure forfeited crypto assets under President Donald Trump’s March 6, 2025 executive order.
Legal Structure Moves Forward
According to Witt, the administration completed a legal and operational framework designed to safeguard government-held Bitcoin. He said the breakthrough resolved earlier obstacles tied to compliance standards and custody arrangements for seized assets.
During an interview with Scott Melker, Witt said officials worked to ensure the reserve remained “legally sound” while protecting the holdings. He added that Deputy Harry John coordinated interagency efforts alongside Stephen Miller’s policy team.
The March 2025 executive order established the Strategic Bitcoin Reserve and directed the Treasury Department to retain forfeited Bitcoin. Additionally, the order prohibited federal agencies from selling Bitcoin held in reserve accounts.
However, Witt said executive orders alone could not permanently secure the reserve structure. As a result, administration officials continue supporting congressional proposals tied to the BITCOIN Act and the American Reserve Modernization Action Act.
Treasury Holds Billions In Bitcoin
The reserve framework treats Bitcoin similarly to strategic government stockpiles, including gold and petroleum reserves. According to the figures discussed during Consensus 2026, the U.S. government held about 328,372 BTC by February 2026.
With Bitcoin trading near $77,277 on May 18, 2026, those holdings carried an estimated value of roughly $25.4 billion. That total places the United States among the world’s largest known state Bitcoin holders.
Witt also referenced earlier custody problems involving the U.S. Marshals Service. He said previous losses exposed weaknesses in the government’s digital asset storage systems and increased the need for stronger protections.
Congress Pushes Long-Term Protections
Attention in Washington recently shifted toward the CLARITY Act, although work on the reserve continued behind closed doors. Witt described the Strategic Bitcoin Reserve as “the forgotten stepchild” during the broader crypto legislation debate.
Still, officials continued refining the reserve framework while lawmakers reviewed market structure legislation. Witt warned that future administrations could reverse executive actions without congressional approval protecting the reserve system.
He also stressed the importance of establishing domestic digital asset rules before foreign governments shape global standards.