Summary
- The House Financial Services Committee voted 28 to 21 in favor of the American Reserve Modernization Act.
- This version of the bill removes proposals related to gold and Federal Reserve mechanisms for Bitcoin acquisition.
- Reporting frequency for proof-of-reserve has been changed from quarterly to annually.
A House committee has progressed a bill that seeks to establish President Donald Trump's Strategic Bitcoin Reserve by favorably reporting the American Reserve Modernization Act, H.R. 8957, with a vote of 28 to 21 on Wednesday.
All 28 votes in support came from Republican members, while all 21 opposing votes were from Democrats. An amendment proposed by ranking member Maxine Waters (D-CA) did not pass, receiving the same 21-28 vote result.
The legislation mandates the Treasury to create a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within 180 days, requiring federal agencies to report their holdings within 60 days. Committee chairman French Hill (R-AR) described the bill as "a common-sense measure that brings digital assets held across federal agencies under Treasury custody and consistent oversight." Once Bitcoin is deposited, it cannot be "sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose" for a period of 20 years.
Changes in the Bill's Text
The currently advanced text is more limited compared to the original proposal introduced by Rep. Nick Begich (R-AK) in May, following a substitute amendment from Rep. Bryan Steil (R-WI) which was adopted by voice vote.
The earlier version of the bill included more ambitious funding strategies, such as conducting a study on acquiring Bitcoin through "discretionary surplus remittances from Federal Reserve Banks or revaluation of gold certificates held by the Federal Reserve Banks," in addition to tariff revenues and gifts. Steil's revision eliminated these provisions, leaving only asset swaps, forfeitures, and partnerships with states. The initial long title that suggested "offsetting costs utilizing certain resources of the Federal Reserve System" has been modified to remove that phrase.
Reporting intervals for proof-of-reserve have been adjusted from quarterly to annually, and the requirement for these reports to be published on the Treasury's website has been removed. Assets gained through forks and airdrops are now required to be held for one year instead of five. Any proceeds from the sale of stockpile assets will first cover management expenses, rather than being allocated for purchasing additional Bitcoin or reducing the national debt.
One aspect of the bill has been broadened; the definition of "Qualifying Bitcoin" now encompasses all Bitcoin owned by the federal government, not just those obtained through forfeiture.
Despite the changes, the bill does not authorize any purchases of Bitcoin. It instructs the Treasury and Commerce to investigate within 180 days whether additional acquisitions could be made without incurring costs for taxpayers. The legislation explicitly prohibits any borrowing or financing, including using any digital or other assets of the United States as collateral. Treasury Secretary Scott Bessent has already ruled out agency purchases of Bitcoin.
Waters' amendment sought to prevent the president, vice president, members of Congress, and their immediate family from having a controlling interest in any digital asset, serving in a leadership position or ownership of an issuer, or receiving any form of compensation related to the sale, marketing, or mining of such assets.
The reserve was originally established by Trump through an executive order in March 2025. The bill still requires approval from the full House, and there is currently no companion bill in the Senate.