US Bitcoin Reserve Bill Clears Key Hurdle Amid Uncertain Future

The US House Financial Services Committee has approved a bill aimed at establishing a clear framework for securing digital assets held by the federal government. The American Modernization Act (H.R. 8957) passed with a 28-21 vote, but its future remains uncertain due to predictions that Democrats will regain control of the House in November's midterms.

Supporters of the bill see it as essential for protecting financial sovereignty through self-custody, while critics view it as benefiting crypto billionaires and political figures. The legislation now faces an uphill battle with a potentially divided Congress.