US House Committee Approves Strategic Bitcoin Reserve Bill

A bill aimed at creating a strategic Bitcoin reserve has cleared its first hurdle in the US government. The American Reserve Modernization Act, or H.R. 8957, was approved by the House Financial Services Committee with a vote of 28-21. Under this legislation, the Treasury Department would be required to hold confiscated Bitcoin for at least 20 years as a strategic reserve asset instead of selling it.

The bill now moves on to the full House for consideration. Its passage marks a significant step forward in efforts to codify a strategic Bitcoin reserve. The move is seen as an attempt by lawmakers to tap into the potential value of cryptocurrencies, particularly Bitcoin.