Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, has confirmed that a White House announcement on the Strategic Bitcoin Reserve is imminent, and the work behind it has been running quietly for months.
Key Takeaways
Patrick Witt confirms SBR announcement coming.
Work never stopped despite Clarity Act dominating headlines.
Harry Jong, Witt’s deputy, led the interagency process.
Stephen Miller’s team and DECOSP involved in execution.
What Witt said and what it means
In an interview shared by Bitcoin Magazine, Witt confirmed in the interview that a White House announcement on the Strategic Bitcoin Reserve is forthcoming, describing the current state of the work as “legally sound, properly safeguarding the assets.” He acknowledged that the SBR had become the lesser-covered priority while the Clarity Act dominated crypto policy headlines but stated that work on the reserve never stopped and was running through a parallel interagency process.
Witt’s description of the executive order as “a starting gun” rather than the policy itself is the framing that the market has consistently missed: the executive order signed months ago tasked agencies to do the legal work, and the announcement Witt is previewing is the output of that work, legal memos drafted, authorities confirmed, interagency coordination advanced, not the beginning of a new process but the completion of the one the executive order started.
The interagency process involved drafting legal memos, determining what authorities exist within the executive branch to establish the reserve, and confirming whether additional legislative authorization is required. Witt indicated that Harry Jong, his deputy, has led that coordination alongside Stephen Miller’s team and DECOSP, the Deputy Chief of Staff for Policy, whose office is responsible for ensuring all signed executive orders are being followed through.
Why the US Marshals theft matters to the announcement
The US Marshals theft of tier-two crypto assets that Witt cites as a proof point is not incidental context: it is the specific event that demonstrated the US government’s existing asset custody infrastructure is inadequate for Bitcoin, and the safeguarding framework being developed for the SBR is the government’s response to that demonstrated vulnerability rather than a precaution against a hypothetical one. The government holds more crypto assets on its balance sheet than most market participants track, seized assets from criminal cases accumulate continuously, as is publicly documented through US Marshals auction records — and Witt’s framing suggests the SBR announcement will include a custody and safeguarding framework rather than simply a policy declaration about holding Bitcoin.
What two simultaneous tracks mean for US crypto policy
Witt’s preview describes a SBR advancing through executive channels while the Clarity Act moves through the legislative process. The SBR developing through executive channels while the Clarity Act moves through legislative ones means two separate tracks of US crypto policy are advancing simultaneously, and the announcement Witt previews would establish a Bitcoin reserve policy without waiting for the legislative clarity that the Clarity Act is still working to provide.
The distinction matters because executive action can be reversed by a subsequent administration while legislation is more durable. Witt himself raises the question of whether legislation is still important even given executive order authority — acknowledging that the SBR’s long-term legal foundation would benefit from Congressional backing even if executive action can establish it in the near term. An SBR announcement built on executive authority alone would be a significant market signal but a structurally different one from a legislatively grounded reserve.
JUST IN: ?? White House Executive Director says there is an announcement coming soon regarding a Strategic Bitcoin Reserve:
"We'll have an announcement…It's a breakthrough as far as getting everything in place, legally sound, properly safeguarding the assets." ? pic.twitter.com/MJTJ581CWo
— Bitcoin Magazine (@BitcoinMagazine) May 18, 2026
A White House announcement on the SBR materializing within thirty days of Witt’s interview, including a specific custody framework and a named safeguarding mechanism, would confirm the interagency process has reached the conclusion Witt described and the executive track is delivering on the executive order’s mandate.
A failure to produce an announcement within sixty days, or a White House statement deprioritizing the SBR in favor of waiting for legislative action through the Clarity Act process, would indicate the executive track has stalled and the window Witt referenced has closed without resolution.
