'We'll Have An Announcement': White House Crypto Chief Hints At Strategic Bitcoin Reserve Bombshell

Benzinga_recent_news05-18 23:04

President’s Council of Advisors for Digital Assets member Patrick Witt confirmed a Strategic Bitcoin (CRYPTO: BTC) Reserve announcement is coming. Witt said in an interview with Scott Melker on Sunday...

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Patrick Witt confirmed a Strategic Bitcoin (CRYPTO: BTC) Reserve announcement is coming.\nWitt said in an interview with Scott Melker on Sunday...</p>\n\n<a href=\"https://www.benzinga.com/crypto/cryptocurrency/26/05/52638393/well-have-an-announcement-white-house-crypto-chief-hints-at-strategic-bitcoin-reserve-bombshell\">Source 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working through the interagency process triggered by President Trump’s executive order. \nThe work never stopped despite the CLARITY Act dominating headlines.\n“We’ll have an announcement,” he stated, declining to provide specifics. The breakthrough involves getting everything in place that’s legally sound and properly safeguarding assets. \nThe recent theft of digital assets from the U.S. Marshals Service proved the government needs to take custody seriously.\nWitt emphasized the Strategic Bitcoin Reserve must be codified into law because executive orders are easily reversed with regime change. \nTrump reversed Biden’s executive orders on day one, and Biden had done the same to Trump’s first-term orders.\n“Very reversible,” Witt explained, pointing to the pattern from Trump to Biden back to Trump. “We have been very clear from the beginning this needs to be codified into law.”\nSenator Cynthia Lummis (R-Wyo.)  is pushing the Bitcoin Act in the Senate while Representative Tom Emmer prepares to introduce ARMA in the House. \nThe administration has worked closely with both on updated versions incorporating stakeholder feedback.\nWitt said that banks actually need the CLARITY Act more than the crypto industry because Title IV bank permissible activities are critical for institutions to engage with digital assets.\n“Many people out there would say that the banks are actually probably more in need of this legislation than crypto is,” Witt stated. Banks need clear permission to engage with digital assets or they’ll be left behind competitively.\nWithout legislation defining permissible activities, banks depend on OCC interpretations that reverse with each administration. SoFi got into crypto early, had to shut it all down under Biden, and is now turning it back on.\nThe president’s signal that Bitcoin is a worthy strategic asset puts every central bank and government on notice that they may need to hold the asset. \nWitt explained there’s no more powerful institutional sponsorship than the U.S. government signaling approval.\nWitt put the CLARITY Act at approximately 90% complete on substance, with mainly political issues remaining. \nThe administration has worked through dozens of previously unsolvable problems including DeFi carveouts and stablecoin yield provisions, targeting a July-August passage before midterm season.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2636077320","isCrawlerRequest":true}