A new era is dawning in US cryptocurrency policies. Recent statements from sources close to the White House indicate that a critical announcement, particularly regarding a strategic Bitcoin reserve, may be made in the coming weeks. Significant progress has been made in both the legal and operational aspects of the process, and the aim is for this step to be supported by the legislative process, not just the executive branch. A presidential executive order signed by President Donald Trump last year provided a framework for more systematic management of the country's digital assets. Under this order, a "strategic Bitcoin reserve" was planned, largely consisting of Bitcoins obtained through criminal and civil confiscations. A separate stock structure encompassing other digital assets was also considered. However, since presidential executive orders have limited permanence, attention in Washington is now focused on the enactment of this plan into law. The key legislation in this regard is the bill previously known as the "BITCOIN Act," now rebranded as the "American Reserves Modernization Act (ARMA)." The bill not only aims to protect the existing reserve but also envisages the purchase of up to 1 million BTC within five years. Moreover, these purchases are planned to be carried out with budget-neutral strategies.
May on the agenda
Cynthia Lummis, one of the leading figures of the bill, stated that the regulation could be considered in the Senate in May and submitted to the president for approval shortly thereafter. On the House of Representatives side, Nick Begich announced that the bill has been renamed and transformed into a broader reserve strategy.
Patrick Witt, Executive Director of the White House Council of Digital Asset Advisors, gave important clues about the behind-the-scenes process. Speaking at the Bitcoin 2026 conference in Las Vegas, Witt said that work is underway to clarify the legal framework of the reserve and to protect Bitcoin assets on the state balance sheet. According to Witt, a "big step" is expected to be taken by the executive branch in the next few weeks.
On the institutional side, another notable transformation is taking place. Traditional financial actors, who are increasingly influential in the market structure, have increased their interest in Bitcoin, especially through derivative products. Analyst Jeff Park notes that the open interest size of options linked to BlackRock's spot Bitcoin ETF product, IBIT, has surpassed that of crypto-focused platforms. This development is considered a strong signal of the market's increasing institutionalization. The difference observed, particularly in implied volatility, is noteworthy. The higher volatility in IBIT options compared to offshore exchanges indicates that investors are taking positions with a long-term bullish outlook. This suggests a broader strategic positioning rather than just short-term price movements.
All these developments, when combined, create a rare simultaneity in both public policy and market dynamics. On one hand, governments are preparing to position Bitcoin as a reserve asset, while on the other, institutional investors are increasing their weight in the market. This dual momentum is reshaping expectations about Bitcoin's future role.
The content of the announcement expected in the coming weeks is not yet clear. However, this activity on both the regulatory and market fronts shows that Bitcoin's place in the global financial system is becoming increasingly central.
