The House Financial Services Committee voted 28-21 on September 16 to approve the American Reserve Modernization Act, legislation that would place federally owned Bitcoin under a statutory Treasury reserve.

H.R. 8957, introduced by Republican Rep. Nick Begich with Democratic co-lead Rep. Jared Golden, would create a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within the Treasury Department. The panel adopted a substitute amendment before reporting the bill favorably, moving the Bitcoin reserve proposal beyond its initial stage.

Treasury Would Hold Reserve Bitcoin for 20 Years

The committee-approved text requires qualifying federal Bitcoin to be transferred into the Strategic Bitcoin Reserve and bars the Treasury Department from selling, swapping, auctioning, encumbering, or otherwise disposing of reserve BTC for at least 20 years. A holding requirement of that length would span multiple election cycles and stand in contrast with the government's earlier practice of periodically auctioning seized Bitcoin through public sales run by agencies such as the U.S. Marshals Service.

Federal agencies would have 60 days after enactment to give Treasury a complete accounting of the Bitcoin and other digital assets they hold, seize, or control. Treasury would then have 180 days to establish the reserve and the Digital Asset Stockpile, followed by transfers of eligible assets into the centralized structures.

The legislation builds on President Donald Trump's March 2025 executive order, which directed Treasury to maintain forfeited Bitcoin as reserve assets rather than routinely selling them. H.R. 8957 would write that structure into federal statute while expanding reporting and custody requirements.

Annual Proof of Reserve Would Require Independent Audit

Under the bill, Treasury would have to establish a public cryptographic Proof of Reserve system—a mechanism that uses cryptographic evidence to demonstrate control over on-chain holdings—and publish an annual report detailing reserve holdings, transactions, and control of private keys. An independent third-party auditor with cryptographic-attestation expertise would verify the report, while the U.S. Comptroller General would conduct ongoing oversight.

The amended version also directs Treasury and the Commerce Department to study additional Bitcoin acquisitions within 180 days. Any proposed mechanism must be budget-neutral and cannot rely on new borrowing, taxation, or deficit spending. The study may examine forfeitures, transactions involving non-Bitcoin government assets, and cooperative arrangements with states or private entities.

Rep. Bill Foster opposed the reserve proposal during the markup, the committee session in which members debate, amend, and vote on legislation, questioning Bitcoin's suitability as a government reserve asset because of its volatility. Committee supporters argued that centralized Treasury custody and long-term retention would give the government a more consistent framework for assets it already obtains through forfeiture.

Vote Follows Senate Setback for CLARITY Act

The committee action came one day after the Senate blocked the CLARITY Act in a 49-50 procedural vote, leaving the broader U.S. crypto market-structure package short of the 60 votes required under Senate rules to cut off debate and advance.

The two bills address different parts of federal crypto policy. CLARITY focuses on regulatory jurisdiction and rules for digital asset markets, while H.R. 8957 governs federal ownership and management of Bitcoin and other seized digital assets.

H.R. 8957 can now be reported to the full House. No floor vote has been scheduled, and committee approval does not itself guarantee one, since House leaders control the chamber's calendar. The measure would still need House passage, Senate approval, and presidential signature before becoming law.

Source: Crypto Adventure