US House Advances Legislation for Federal Bitcoin Reserve

The US House Financial Services Committee has advanced legislation to create a federal Strategic Bitcoin Reserve, voting 28-21 in favor of the amended H.R. 8957 on September 16. The measure would place federally held Bitcoin under Treasury custody and consistent oversight.

Under the proposed law, Bitcoin deposited into the reserve would have to remain there for at least 20 years from enactment, during which time it could not be sold or encumbered except in specific circumstances. After the holding period ends, the Treasury secretary could recommend selling up to 10% of reserve assets over any two-year period.

The committee-approved amendment also changes the reporting requirements for Bitcoin holdings, replacing quarterly public proof-of-reserve reports with an annual report from Treasury. An independent third-party auditor would verify this report, while the U.S. Comptroller General would conduct ongoing oversight.