House Advances Bill for Strategic Bitcoin Reserve
The House Financial Services Committee has advanced a bill to create a strategic Bitcoin reserve, codifying President Donald Trump's plan from 2025. The American Reserve Modernization Act would direct the Treasury Department to maintain a secure Bitcoin storage facility and acquire more BTC using budget-neutral strategies over five years.
Introduced by Republicans Rep. Nick Begich and Sen. Cynthia Lummis as the BITCOIN Act, the legislation aims to increase the reserve strength of the US while reducing its deficit. It would also create a digital asset stockpile for other digital assets besides Bitcoin.
The bill was met with some opposition, with Rep. Bill Foster, D-Ill., expressing concerns about the riskiness and volatility of Bitcoin as an investment.