Patrick Witt, former executive director of the White House Crypto Council, said Trump wants to expand the U.S. Bitcoin reserve, but the administration aims to obtain explicit authorization from Congress to buy Bitcoin on the open market.
In an interview with What Bitcoin Did on November 10, reported by Wu Blockchain on November 14, Witt said the administration was considering different ways to add Bitcoin to the reserve. The legal basis for open-market purchases and how the market would react to them are still being debated.
Why is budget authority important for Bitcoin purchases?
According to Witt, the administration wants to establish the Strategic Bitcoin Reserve in law and obtain explicit authorization from Congress for purchases. Because Congress determines federal appropriations, any funds already allocated would have to be used to buy Bitcoin in a manner consistent with the purpose for which they were appropriated.
Witt said that if the administration acted before its authority was clarified, Congress could add a provision blocking Bitcoin purchases to its annual defense authorization bill. This was Witt’s warning about acting too soon; no purchase decision was announced in the interview.
Not investment advice.