US Congress Tackles Bitcoin Reserves with 20-Year Sale Ban

A critical day for Bitcoin is unfolding in the US as a crucial bill targeting its reserves and crypto taxes reaches the congressional committee stage. The proposed legislation aims to ban the sale, transfer, or use of BTC ($75,941.00 · Live) held in reserve for 20 years.

The plan also requires the Treasury to establish a secure storage infrastructure within 180 days and conduct independent audits every three months.

Regarding crypto taxes, the proposed exemption of $10 is only applicable to specific networks and transaction fees, not all cryptocurrency payments.

This is just one step in the legislative process; the bill will need to pass additional stages before becoming law.