The U.S. House Financial Services Committee voted 28-21 to approve a revised version of H.R. 8957, the Reserve Modernization Act, according to ChainCatcher. The bill would place a U.S. strategic Bitcoin reserve and a digital asset reserve program into federal law.
Under the proposal, Bitcoin that is legally held by the federal government and has no other statutory use would have to be retained for at least 20 years from the date the law takes effect. During that period, the government would be barred from selling, exchanging, auctioning, pledging, or otherwise disposing of those holdings.
The bill has not become law. It still needs to pass the House and the Senate and then be signed by President Donald Trump. The measure also directs the Treasury Department to establish the relevant reserves within 180 days after enactment and to publish an annual proof-of-reserve report covering holdings, transactions, and private key control. In addition, the Treasury Department and the Commerce Department would study lawful, budget-neutral ways to increase Bitcoin holdings, though the bill does not authorize direct purchases.
The U.S. House Financial Services Committee approved a revised version of H.R. 8957, the Reserve Modernization Act, by a 28-21 vote, according to ChainCatcher. The measure would put a U.S. strategic Bitcoin reserve and a digital asset reserve program into federal law.
Bill sets a 20-year holding requirement
Under the proposal, Bitcoin legally held by the federal government and not assigned to any other statutory purpose would have to be kept for at least 20 years after the law takes effect. During that period, those holdings could not be sold, exchanged, auctioned, pledged as collateral, or otherwise disposed of.
Measure still needs full congressional approval
The bill still must pass the House of Representatives and the Senate, and then be signed by President Donald Trump.
Treasury would establish reserves and publish annual reports
The proposal also requires the Treasury Department to establish the related reserves within 180 days after enactment and to release an annual proof-of-reserve report covering holdings, transactions, and control of private keys.
The Treasury Department and the Commerce Department would also study lawful and budget-neutral ways to increase Bitcoin holdings, but the provision does not authorize direct purchases.
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