Key facts
- The House Financial Services Committee advanced the American Reserve Modernization Act (H.R. 8957) on Wednesday.
- The bill passed the committee with 28 Republican votes in favor and 21 Democratic votes against.
- The legislation would require the Treasury to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile within 180 days.
- Federal agencies must account for their digital asset holdings within 60 days.
- Bitcoin deposited into the reserve cannot be sold, swapped, auctioned, encumbered, or otherwise disposed of for 20 years.
- The bill was narrowed from its original proposal, removing provisions for funding through Federal Reserve remittances or gold revaluation.
The House Financial Services Committee has advanced the American Reserve Modernization Act, H.R. 8957, a bill that would codify President Donald Trump's Strategic Bitcoin Reserve. The vote on Wednesday was largely along party lines, with 28 Republicans voting in favor and 21 Democrats voting against. An amendment proposed by ranking member Maxine Waters also failed with the same vote split.
The version of the bill that advanced is narrower than the one initially introduced by Rep. Nick Begich. It removes ambitious funding ideas, such as using Federal Reserve remittances or revaluation of gold certificates, and now only allows for asset swaps, forfeitures, and cooperative programs with states for acquiring Bitcoin. The bill's long title was also amended to remove any mention of utilizing Federal Reserve resources for costs.
Key provisions of the bill include giving the Treasury 180 days to establish the Strategic Bitcoin Reserve and a separate Digital Asset Stockpile, and requiring federal agencies to account for their digital asset holdings within 60 days. Bitcoin deposited into the reserve cannot be sold, swapped, auctioned, encumbered, or otherwise disposed of for 20 years. Proof-of-reserve reporting requirements have been reduced from quarterly to annual, and the explicit requirement to post them on the Treasury's website has been removed. Forked and airdropped assets must be held for one year instead of five. Proceeds from selling stockpile assets will first cover management costs before being used for other purposes.
The bill authorizes no direct purchases of Bitcoin, but directs the Treasury and Commerce departments to study within 180 days whether additional purchases could be made without taxpayer cost. It explicitly prohibits borrowing or using any US asset as collateral for such purchases. Treasury Secretary Scott Bessent has separately stated that agency purchases are not planned.
Waters' failed amendment sought to bar the president, vice president, members of Congress, and their immediate family from holding a controlling stake in digital assets or receiving compensation related to their sale, marketing, or mining.