House Committee Approves Bill to Write Trump's Bitcoin Reserve into Law
The House Financial Services Committee has voted to advance the American Reserve Modernization Act, which would convert President Trump's Strategic Bitcoin Reserve from an executive order into federal statute. The bill passed 28-21 on Wednesday and now heads to the House floor.
H.R. 8957 directs the Treasury Department to maintain a secure bitcoin storage facility and centralize coins held through criminal and civil forfeiture. The legislation also creates a separate digital asset stockpile for non-bitcoin holdings and mandates ongoing accounting and oversight.
The bill's authors, Reps. Nick Begich (R-Alaska) and Jared Golden (D-Maine), argue that codifying the reserve would provide permanence and stability to the government's bitcoin holdings. Currently, Trump's 2025 order can be reversed by a future president with another order.
Rep. Bryan Steil (R-Wis.) made the case for federal custody during the markup, stating that leaving bitcoin 'languish in fragmented and inconsistent custody' poses cybersecurity risks and fails to demonstrate what the government actually owns.