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The US Strategic Bitcoin Reserve announcement will be released within weeks
The Trump administration is preparing to disclose more details about the US Strategic Bitcoin Reserve in the coming weeks. Patrick Witte, Executive Director of the President’s Digital Asset Advisory Committee, stated this on Wednesday at the Miami Consensus Conference.
“We’ve made significant progress behind the scenes. We will issue an announcement in the coming weeks outlining our next steps,” Witte said.
What exactly has happened behind the scenes?
Since President Trump signed an executive order establishing the reserve fund, federal agencies have been auditing, centralizing, and safeguarding their digital assets. Witte described this process as tidying up internally before releasing any information to the public.
Witte said investigators found documents storing cold wallets in drawers across multiple federal agencies’ offices. The current administration halted the previous practice, common during the previous administration, of “fire sale” liquidations of seized crypto assets, and began a comprehensive inventory of all agencies’ crypto holdings.
Witte refused to disclose the total amount of cryptocurrency held by the federal government, stating that the primary task before any public disclosure is proper safekeeping.
The hacker incident that prompted this
Witte pointed out that a recent security incident demonstrated the necessity of establishing a reserve fund. Digital assets held by the U.S. Marshals were hacked, with over $46 million in seized government funds reportedly stolen. The incident led to the arrest of John Dajita earlier this year on Saint Martin Island.
“This precisely illustrates why it is so necessary for the president to establish a reserve fund and instruct agencies to take these assets seriously,” Witte said. “The custody of digital assets is very special.”
What will happen next?
The upcoming announcement is expected to detail the structure and scale of the reserve fund. Witte also confirmed that the reserve fund needs to be formally established through legislation, pointing out that the Bitcoin Act proposed by Senator Cynthia Lummis and the U.S. Reserve Modernization Act proposed by Congressman Nick Bégic are the most likely to provide a legal basis for this.
Not all seized assets will automatically transfer into the reserve fund. During legal proceedings, seized cryptocurrencies remain in pending status until final confiscation. Some assets may be returned to victims through compensation before being transferred into the reserve.