House Advances Bills for Bitcoin Reserve and Crypto Tax Certainty

Two House committees have advanced crypto legislation, clearing the way for a Strategic Bitcoin Reserve and clearer tax rules on digital assets. The House Financial Services Committee approved the American Reserve Modernization Act (ARMA) by a vote of 28-21, which would place federally forfeited Bitcoin in a Treasury reserve and hold it for at least 20 years.

The bill's sponsor, Representative Nick Begich, has been working on the legislation with committee staff. The US government is estimated to hold 324,527 Bitcoin worth $24.8 billion at the time of writing, according to Arkham Intelligence.

Meanwhile, the House Ways and Means Committee passed the Digital Asset Tax Certainty Act by a vote of 38-5, which would establish a clear tax framework for digital assets and extend wash-sale rules to them.

The measures now need to pass on the House floor, gain Senate approval, and receive a presidential signature before becoming law. The 119th Congress ends in January, so time is running out for these bills to be enacted.