Summary
- Representatives Nick Begich (R-AK) and Jared Golden (D-ME) have put forth the American Reserve Modernization Act.
- This proposed legislation aims to officially establish a strategic Bitcoin reserve under federal law, to be managed for a minimum of 20 years.
- The initiative, which aligns with a key promise from the Trump administration, is encountering several challenges.
On Thursday, Rep. Nick Begich (R-AK) unveiled a new bill intended to create a legal framework for a strategic Bitcoin reserve, fulfilling a central promise from President Donald Trump’s campaign for supporters of digital assets as the U.S. midterm elections approach.
The American Reserve Modernization Act, or ARMA, would instruct the Treasury Department to develop and sustain a reserve of Bitcoin for at least 20 years, alongside a collection of other cryptocurrencies owned by the government.
The legislation also requires the consolidation of what is estimated to be billions of dollars in digital assets across federal agencies, typically acquired through forfeitures and penalties, and ensures transparency with a proof-of-reserve report.
Currently, the strategic reserve for Bitcoin, initiated by Trump’s executive order, is still being developed. At a conference in Las Vegas, Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, mentioned that the present administration has been working for months to clarify the legal implications of this initiative.
The balance sheet of America’s reserves is essential for our nation’s insurance policy, as it supports our currency and offers reassurance in uncertain times. Over time, the perception of what constitutes a reliable store of value may change, which is… pic.twitter.com/7XfBwAWFGi
— Congressman Nick Begich (@RepNickBegich) May 21, 2026
Rep. Jared Golden (D-ME) is the primary Democratic co-leader of the bill, which has garnered support from 17 original co-sponsors, including Rep. Mike Collins (R-GA), who was among the first lawmakers to publicly disclose an investment in a meme coin.
“Previous administrations have either auctioned off [crypto] or kept it in reserve based on executive preferences,” Golden stated, emphasizing that the stockpile established by the ARMA Act would carry the “weight of law.”
Despite earlier indications that the White House wanted to acquire as much Bitcoin as possible in a “budget-neutral way,” Treasury Secretary Scott Bessent later diminished expectations by indicating that no agency purchases would be made.
The bill aims to provide the necessary flexibility to expand the United States' reserve asset portfolio, which serves as a form of insurance, while also protecting cryptocurrencies from the “whims of Congress or future administrations,” Begich mentioned in a post on X on Thursday.
Established in May 2025 via an executive order, the Bitcoin strategic reserve was quickly criticized by detractors, including Rep. Maxine Waters (D-CA), who cautioned that it could benefit Trump’s allies.
“Usually, when the government maintains strategic reserves, it pertains to essential resources that fuel the U.S. economy and daily life for American citizens,” she stated. “However, crypto does not fit this description, as it lacks intrinsic value.”
While the establishment of this anticipated stockpile marked a symbolic victory for the digital assets sector, the government has yet to announce any distribution plans. Last year, Sen. Cynthia Lummis (R-WY) reintroduced the BITCOIN Act, which directs the Treasury to acquire 1 million Bitcoin over five years without imposing taxes on citizens.
Decrypt has reached out to both Begich and Golden for further insights.