US Government One Step Closer to Securing Its $24.77 Billion BTC Holdings

Conner Brown, Executive Director at the Bitcoin Policy Institute, hailed the advancement of the Strategic Bitcoin Reserve Bill through the House Financial Services Committee as a 'genuinely historic step' for Bitcoin policy. This marked the first federal committee approval of legislation authorizing a secure storage facility for the U.S. government's BTC holdings.

Brown described ARMA (American Reserve Modernization Act) as 'common-sense policy': securing the Bitcoin America already owns and stewarding it as the strategic national asset it is.

The bill requires the government to retain all Bitcoin for 20 years, prohibiting any sale, swap, auction, or pledge of the holdings. It also directs the Treasury and Commerce Departments to find budget-neutral ways to acquire more BTC.

The U.S. government holds 324,527 BTC, worth approximately $24.77 billion, according to on-chain analytics firm Arkham.