White House Says U.S. Bitcoin Reserve Update is Weeks Away
White House digital-assets adviser Patrick Witt said on May 6 that an update to the U.S. Bitcoin reserve framework will arrive “in the next few weeks.” Witt pointed to a recent exploit targeting cryptocurrency held by the U.S.
Marshals Service as evidence that federal custody practices require an overhaul. The statement signals the administration is moving toward formalizing a reserve policy it announced in executive form earlier this year.
What Witt Said
Witt made the remarks at a public event on May 6.
He said the Marshals exploit showed that the federal government’s existing approach to holding digital assets carries real operational risk. He did not specify a date for the update.
He said the incoming framework would address how seized and purchased cryptocurrency is stored and managed on behalf of U.S. taxpayers. A CoinDesk report published the same day captured Witt’s comments in full.
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What the Exploit Revealed
The U.S.
Marshals Service holds Bitcoin (BTC) and other digital assets seized from criminal defendants. The agency has faced scrutiny over its custody infrastructure, which relies on procedures designed before institutional-grade crypto security standards existed.
The recent exploit, which Witt referenced without disclosing the full scope, illustrated how federal holdings remain vulnerable under current arrangements. The scale of U.S. government Bitcoin holdings is estimated in the tens of thousands of coins, making the custody question a material fiscal concern.
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Background
President Donald Trump signed an executive order in early 2025 directing the creation of a strategic Bitcoin reserve using assets already held by the federal government through forfeitures.
That order set the policy direction but left operational details, including custody standards and acquisition rules, unresolved. The reserve concept drew heavy attention at the time as the first formal commitment by a U.S. administration to hold Bitcoin as a national asset.
Witt’s May 6 comments represent the clearest timeline signal from the administration since the original order.
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What Comes Next
The update Witt described is expected to cover custody standards, potential new acquisition protocols, and interagency coordination between the Marshals, Treasury, and possibly the Federal Reserve. Analysts have been watching for a second executive order or a Treasury rule that would formalize acquisition procedures.
If the framework arrives within Witt’s stated window, it would land before Congress acts on the broader cryptocurrency legislation currently stalled in the Senate.
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