House Panel Advances Bill Creating Strategic Bitcoin Reserve

The U.S. House Financial Services Committee has advanced legislation that would create a strategic Bitcoin reserve for the federal government, requiring certain government-held Bitcoin to remain locked for at least 20 years.

The amended bill, H.R. 8957, passed with a 28-21 vote and would direct the Treasury Department to establish the relevant reserves within 180 days of enactment.

The legislation also requires the publication of an annual reserve proof report covering holdings, transactions, and private key control.

While the bill does not authorize direct purchases, it directs Treasury and the Commerce Department to study legal and budget-neutral ways to increase Bitcoin holdings.