Highlight Clip: Patrick Witt: The US government once kept cold wallets in drawers, and its security procedures were unbelievable.
On November 10, 2026, Patrick Witt, former executive director of the White House Crypto Council, said in an interview with What Bitcoin Did that some US government agencies used to keep cold wallets in drawers. According to him, the US Treasury Department is working to establish a custody framework, a prerequisite for considering whether to buy more bitcoins or convert other assets to bitcoins. The US government conducts a second inventory to verify its holdings and track them over time. She has not yet decided whether to reveal how much bitcoin she holds.