According to the official U.S. Congress website, the full text of the U.S. Reserve Modernization Act (H.R.8957, ARMA), introduced by Representative Nicholas Begich of Alaska on May 21, has been made public and is now under review by the House Committee on Financial Services. The bill proposes to incorporate Bitcoin seized through criminal or civil forfeiture into a strategic reserve managed by the Department of the Treasury, establish a minimum holding period of 20 years, and implement quarterly reserve attestations and independent audit mechanisms. The bill also requires the Treasury and Commerce Departments to study pathways for budget-neutral Bitcoin acquisitions within 180 days. Analysts note that, compared to the Bitcoin Act, which mandates the purchase of one million Bitcoin, ARMA is more moderate and politically feasible.
U.S. House Proposes Bill to Add Seized Bitcoin to Strategic Reserves
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Summary
Bitcoin breaking news: The U.S. House has released the full text of the American Reserve Modernization Act (H.R. 8957, ARMA), introduced by Alaska Representative Nicholas Begich on May 21. The bill proposes to include Bitcoin seized through criminal or civil proceedings into the U.S. Treasury’s strategic reserves, with a minimum holding period of 20 years and quarterly reserve verifications and independent audits. The Treasury and Commerce Departments must study budget-neutral methods for acquiring Bitcoin within 180 days. Analysts note that ARMA is more moderate than the BITCOIN Act, which proposed purchasing 1 million Bitcoin.
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