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Patrick Witt, Executive Director of the President's Council of Advisors for Digital Assets, said the White House will soon issue an official announcement on the Strategic Bitcoin Reserve. Speaking on the Thinking Crypto podcast, Witt said the update is expected within the next two months and is intended to follow President Trump’s executive order directing the executive branch to establish the reserve using government-seized Bitcoin.
Witt also said the administration is coordinating with members of Congress to codify the reserve into law. He noted that Representative Nick Begich is reportedly preparing new legislation that closely mirrors the existing BITCOIN Act, with revisions informed by stakeholder feedback.
Begich and Senator Cynthia Lummis previously reintroduced the BITCOIN Act, a proposal that would require the U.S. Treasury to accumulate one million BTC over a five-year period.
Despite the stated coordination, progress on the legislative front has been described as slow. Senator Lummis previously said the BITCOIN Act would take priority once both the GENIUS and CLARITY Acts were passed.
The CLARITY Act, which is described as foundational crypto market structure legislation, is currently stalled, with no markup scheduled. That status has raised uncertainty about whether it can pass this year.
Polymarket currently assigns a 23% probability to the U.S. launching a Strategic Bitcoin Reserve before 2027, a figure that reflects skepticism among crypto traders.
Additional uncertainty comes from the political calendar. The article notes that Democrats are increasingly positioned to reclaim majorities in both the Senate and House, which could limit or block the administration’s pro-crypto agenda.
Separately, Senators Bill Cassidy and Lummis introduced the Mined in America Act. The bill is designed to both codify the Strategic Bitcoin Reserve and strengthen domestic Bitcoin mining operations.
Whether these legislative efforts gain enough momentum will depend on how the political landscape develops, according to the article.
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