House Committee Advances Bill to Formalize “Strategic Bitcoin Reserve”
A House committee has moved forward with legislation that would codify President Donald Trump’s “Strategic Bitcoin Reserve” into law. The American Reserve Modernization Act, H.R. 8957, was reported favorably by the committee on Wednesday with a vote of 28 in favor and 21 against.
All 28 votes supporting the bill came from Republican members, while all 21 dissenting votes were cast by Democrats. An amendment proposed by ranking member Maxine Waters (D-CA) failed on the same 21-28 vote count.
The legislation mandates that the Treasury Department establish a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within 180 days. It also requires all federal agencies to inventory their digital asset 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 deposited, any Bitcoin within the reserve would be prohibited from being “sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose” for a period of 20 years.
The version of the bill that advanced is a scaled-back version of the original proposal introduced by Rep. Nick Begich (R-AK) in May. The committee adopted a substitute amendment from Rep. Bryan Steil (R-WI) by voice vote, which removed several of the more ambitious funding proposals.
The original bill had suggested 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 revenue and gifts. Steil’s substitute amendment eliminated these provisions, leaving only asset swaps, forfeitures, and cooperative programs with states as potential methods for acquiring assets. The bill’s long title, which had previously promised to “offset costs utilizing certain resources of the Federal Reserve System,” was revised to remove that specific language.
Further modifications include a shift from quarterly to annual proof-of-reserve reports, with an explicit requirement to publish them on the Treasury’s website being removed. Assets acquired through forks or airdrops would now need to be held for one year, down from the original five years. Proceeds from the sale of stockpile assets, which were originally earmarked for further Bitcoin purchases or debt reduction, would now first be allocated to cover management costs.
One provision was expanded: “Qualifying Bitcoin” is no longer restricted to coins seized in forfeiture proceedings but now encompasses all Bitcoin owned by the federal government.
The bill does not authorize any new purchases of Bitcoin. Instead, it directs the Treasury and Commerce departments to study within 180 days whether additional acquisitions could be made without incurring costs to taxpayers. The legislation explicitly states that this section does not permit “any borrowing or other financing, including the pledging, encumbering, or use of any digital asset or other asset of the United States as collateral.” Treasury Secretary Scott Bessent has previously indicated that agency purchases are not being considered.
Waters’ amendment sought to prohibit the president, vice president, members of Congress, and their immediate family members from holding a controlling stake in any digital asset, serving as an officer or owner of a digital asset issuer, or receiving “direct or indirect compensation, including fees, for the sale, marketing, or mining” of such assets.
President Trump established the Strategic Bitcoin Reserve via executive order in March 2025. The bill must still pass the full House of Representatives, and no companion legislation has been introduced in the Senate.
