Key facts
- The US House Committee on Financial Services advanced the American Reserve Modernization Act (H.R. 8957) in a 28-21 vote.
- The bill would establish a Strategic Bitcoin Reserve and a Digital Asset Stockpile for federally held Bitcoin and other digital assets acquired through forfeiture.
- Bitcoin in the reserve would be held for a minimum of 20 years, with an amendment proposing the lock-in period start from the date of enactment.
- The legislation requires quarterly proof-of-reserve reports and third-party audits.
- It directs a study of budget-neutral acquisition strategies for expanding the reserve.
- The bill affirms private ownership and self-custody rights of Bitcoin.
The US House Committee on Financial Services has advanced the American Reserve Modernization Act (H.R. 8957), a bill that would establish a federal Strategic Bitcoin Reserve and a separate Digital Asset Stockpile for other cryptocurrencies acquired through forfeiture. The legislation, introduced by Representative Nicholas Begich, passed the committee with a 28-21 vote. It aims to codify an executive order from President Trump regarding the management of government-held Bitcoin.
Key provisions of the bill include a minimum 20-year holding period for Bitcoin within the reserve, with an amendment proposed by Representative Bryan Steil suggesting this period begin from the date of enactment. The legislation also mandates quarterly proof-of-reserve reports, third-party audits, and a study into budget-neutral strategies for expanding the reserve. It further affirms private ownership and self-custody rights for Bitcoin.
The US government is estimated to hold approximately 324,527 Bitcoin, valued at $24.7 billion. The bill still requires passage by the full House and Senate, followed by a presidential signature, to become law.