Begich Reintroduces ARMA Bill for US Strategic Bitcoin Reserve

US lawmakers have reintroduced a bill aimed at establishing a U.S. Strategic Bitcoin Reserve. Representative Nick Begich refiled the American Reserve Modernization Act (ARMA) in Congress, which would require federally held Bitcoin to remain locked for at least 20 years and authorize the Treasury Department to acquire up to one million BTC over five years.

The proposal is a revised version of the BITCOIN Act, which was first introduced last year. It seeks to codify President Donald Trump's executive order on a Strategic Bitcoin Reserve into federal law. The bill would apply to Bitcoin already held by the government from criminal forfeiture cases, including Silk Road and Bitfinex seizures.

Begich told FOX Business that Bitcoin's role within the crypto market resembles gold's dominance in precious metals, with Bitcoin representing about 60% of all market cap for the entire crypto space.