Speaking at the Economic Club of New York on March 9, Patrick Witt, executive director of the President’s Council of Advisors on Digital Assets, said there is “some bipartisan support” for legislation to codify the U.S. strategic reserve of bitcoin, even if the deadline may slip past the current Congress.
President Donald Trump signed an executive order establishing the Strategic Bitcoin Reserve on March 6, 2025. The order directed the Treasury to create an office to oversee the reserve, capitalize it with government-held minted bitcoins, and hold the BTC in reserve so it cannot be sold. It also empowered the Treasury and businesses to come up with “fiscal neutral” strategies to acquire additional bitcoins without incurring additional costs to taxpayers.
Bilateral support is building for the US Bitcoin stock
The assignment also came with specific deadlines. The agencies had 30 days until April 5, 2025 to verify whether they could transfer the government’s BTC to the reserve and provide a full accounting of the digital assets in their possession. The Treasury then had 60 days until May 5, 2025 to submit a legal and investment assessment of how the reserve would be established and managed, including the need for further legislation.
The most important official update came on July 30, 2025, when the President’s Task Force on Digital Asset Markets said that the Treasury had already forwarded these considerations to the White House under Section 3(e) of the order and was continuing to coordinate “appropriate next steps” to implement the reserve. The White House has yet to publicly describe the stockpile as the established policy until January 20, 2026.
An important caveat remains: these timelines provided internal reporting, not public accounting of the stock. In other words, agencies were required to report what they held, and the Treasury was required to report to the White House, but the administration has yet to publicly disclose how much BTC is actually in the Strategic Bitcoin Reserve. For the public, this leaves an important part of the story unresolved: the reserve exists on paper and as executive policy, but its approved size remains unknown.
This makes the current situation fairly clear, even if not entirely transparent. The reserve exists as an executive policy. The deadlines for the assignment have long passed. The fund officially reported. But a more complete legislative framework is still the next step if the administration wants to close the stockpile only through executive action.
Witt’s statements are noteworthy because they point to the next phase. “There is also a push to advance other legislation to codify the strategic bitcoin reserve,” he said. “Whether we can get to those in this Congress, there’s some bipartisan support for them. So in the next Congress, a lot of these bills can probably be flagged up and then either be voted on individually in the future or probably have to be passed like the NDAA.”
At press time, Bitcoin was at $69,894.
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