Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, announced at CoinDesk’s Consensus Miami conference on Wednesday that an update on the U.S. Strategic Bitcoin Reserve (SBR) is expected within ‘the next few weeks.’ The federal initiative to catalog and secure U.S.-held bitcoin ($81,505.69) and other digital assets has been underway for months, following President Donald Trump’s executive order which halted previous ‘fire sale’ liquidations. Agencies are now auditing their crypto holdings.
“We’ve heard stories of cold wallets stored in desk drawers across various agencies,” Witt stated, highlighting the need for centralization after a recent exploit involving assets held by the U.S. Marshals Service. Bloomberg reported in January that the Marshals Service was investigating a potential hack of government digital-asset accounts after claims from ZachXBT that over $60 million were stolen in late 2025.
“This underscores why establishing the SBR and instructing agencies to safeguard these assets seriously is crucial,” Witt emphasized, noting the unique custody challenges posed by digital assets. He declined to disclose the federal government’s current crypto holdings, stressing first ensuring proper asset management before discussing further details.
While addressing queries about the reserve’s size and structure, Witt indicated that not all newly seized assets would automatically be included; those involved in active legal proceedings remain in pending status until forfeiture is finalized, potentially being returned to victims prior to entering the bitcoin reserve or a separate stockpile for other crypto assets.
Legal considerations have focused on which authorities permit agency holdings, their duration, and susceptibility to congressional clawback. This exploration gained momentum post-executive order signing. Codification via Congress will follow, as seen with Senator Cynthia Lummis’s BITCOIN Act in the Senate and Rep. Nick Begich’s American Reserves Modernization Act in the House.
“Legislation is essential,” Witt remarked. However, when Congress might prioritize a reserve bill remains uncertain.