House Committee Advances US Bitcoin Reserve Bill on Party-Line Split
The House Financial Services Committee voted 28-21 along party lines to report H.R. 8957, the American Reserve Modernization Act, which would codify President Trump's Strategic Bitcoin Reserve and establish a separate Digital Asset Stockpile. The version that advanced narrows several original provisions, removes mechanisms tied to the Federal Reserve and gold, and changes reporting and holding rules for government crypto assets.
Why It Matters
If enacted, the bill would place federal digital-asset holdings under Treasury custody and set multi-decade holding restrictions, formalizing parts of an executive order and reshaping how the U.S. government accounts for seized and owned Bitcoin. The committee-approved text also limits near-term purchasing authority while directing studies on acquisition options, leaving key implementation questions unresolved.
Key Facts
- Committee vote: 28-21 (Republicans for, Democrats against)
- Bill: American Reserve Modernization Act, H.R. 8957
- Deadline to establish reserves: Treasury given 180 days to stand up a Strategic Bitcoin Reserve and a Digital Asset Stockpile
- Agency accounting requirement: Every federal agency must account for its holdings within 60 days
- Holding prohibition: Once deposited, Bitcoin cannot be sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose for 20 years
The House Financial Services Committee advanced the American Reserve Modernization Act, H.R. 8957, on Wednesday by a 28-21 party-line vote, sending the bill to the full House. All 28 favorable votes came from Republicans and all 21 opposing votes from Democrats. A proposed amendment from ranking member Maxine Waters (D-CA) was defeated on the same party-line tally.
Under the committee-approved text, Treasury would have 180 days to create a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile, while every federal agency would be required to report its digital-asset holdings within 60 days. The bill would place those holdings under Treasury custody and bar any deposited Bitcoin from being sold, swapped, auctioned, encumbered, or otherwise disposed of for 20 years.
The version that moved forward is narrower than the bill originally introduced by Rep. Nick Begich (R-AK). A substitute from Rep. Bryan Steil (R-WI), adopted by voice vote, removed earlier provisions that explored buying Bitcoin using Federal Reserve remittances or revalued gold certificates, as well as tariff revenue and gifts. The updated text limits funding sources to asset swaps, forfeitures and cooperative state programs and removes language referencing offsetting costs using certain Federal Reserve resources.
Other changes lowered reporting frequency for proof-of-reserve from quarterly to annual and removed a mandate to post those reports on the Treasury website. The period for holding forked and airdropped assets was shortened from five years to one year. The bill expands the definition of "qualifying Bitcoin" to include all Bitcoin owned by the federal government rather than restricting it to coins seized in forfeiture. Although the bill orders Treasury and Commerce to study whether purchases could occur without taxpayer cost, it does not authorize purchases, and a separate statement from Treasury Secretary Scott Bessent ruled out agency purchases. The measure still needs full House approval and has no companion that has passed the Senate.
Keep Reading
Polymarket Hires Ex-Zora CEO for Onchain Product Push
US sanctions Iran’s BitBank, saying it processes ‘Hormuz Safe’ Bitcoin payments
World launches self-custodial ‘super app’ World Money
