Key facts
- The US House Financial Services Committee will debate and vote on the American Reserve Modernization Act (H.R. 8957) on September 16.
- The bill aims to establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile for other crypto assets.
- The Treasury Department must establish the reserve within 180 days of enactment.
- Key aspects include transferring seized BTC to the reserve, a 20-year lock-up period, and quarterly proof-of-reserve reporting.
- An amendment by Bryan Steil proposes a 20-year lock-in from enactment for all deposited Bitcoin.
- The bill requires Treasury Secretary Scott Bessent's approval for any sales during the 20-year period.
The US House Financial Services Committee is set to debate and vote on the American Reserve Modernization Act (H.R. 8957) on September 16, a bill that would establish a Strategic Bitcoin Reserve. This legislative action follows an executive order from President Trump aimed at creating such a reserve. The bill, introduced by Representatives Nicholas Begich and Jared Golden on May 21, proposes transparent management of US government Bitcoin holdings and the creation of a separate Digital Asset Stockpile for other cryptocurrencies like Ethereum, XRP, Solana, and Cardano.
Key provisions of the proposed act include the transfer of seized and forfeited Bitcoin to the reserve, a 20-year lock-up period for these assets, and requirements for quarterly proof-of-reserve reporting. Bryan Steil, Chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, has proposed an amendment that would modify the bill. If adopted, Steil's amendment would implement a 20-year lock-in period starting from the date of enactment for all Bitcoin deposited into the reserve, rather than from each individual deposit. It also mandates annual proof-of-reserve reporting by the Treasury Secretary and a one-year holding period for assets acquired through forks or airdrops, a reduction from the original five years. Treasury Secretary Scott Bessent has expressed support for advancing the bill.
Despite potential committee approval, the American Reserve Modernization Act still faces significant hurdles, including a floor vote in the House, Senate approval, and a presidential signature to become law. Today's committee markup is seen as a crucial test of bipartisan support for the concept of a strategic national Bitcoin reserve.