House Committee Set to Vote on Strategic Bitcoin Reserve Bill

The US House Financial Services Committee will vote on the Strategic Bitcoin Reserve bill on Wednesday. The legislation, if passed, would establish two separate structures within the Treasury Department for federal crypto holdings: a Strategic Bitcoin Reserve and a Digital Asset Stockpile.

The reserve would hold 'qualifying' Bitcoin acquired through criminal or civil asset forfeiture proceedings or as satisfaction of certain civil monetary penalties. Non-Bitcoin digital assets would go into the stockpile, where the Treasury secretary has discretion to sell, exchange, or convert them.

Bitcoin deposited into the reserve would have to remain there for at least 20 years from enactment, with quarterly proof-of-reserve reports required from Treasury. The Treasury secretary would also study budget-neutral ways to acquire more Bitcoin without new taxes, borrowing, or deficit spending over the next five years.