United States Crypto Reserve: Treasury-Commerce Turf War Stalls Trump’s $20B Bitcoin Plan

Last Updated: September 22, 2026

The US Strategic Bitcoin Reserve took its most concrete legislative step yet on September 16, when the House Financial Services Committee voted 28-21 to advance H.R. 8957, the American Reserve Modernization Act, which would codify the reserve into federal law for the first time. The move comes more than 18 months after President Trump’s March 2025 executive order established the reserve, a period during which the effort has existed primarily as a policy directive rather than binding law, with the government’s roughly 328,372 BTC holdings, worth approximately $28.2 billion at current prices, still awaiting formal congressional backing.

Key Takeaways

The House Financial Services Committee advanced H.R. 8957, the American Reserve Modernization Act, in a 28-21 vote on September 16, 2026, moving the bill into committee approved status ahead of a potential full House vote.

The legislation would direct the Treasury Department to maintain a secure Bitcoin storage facility, formally codifying President Trump’s March 2025 executive order into binding federal law for the first time.

The US government holds an estimated 328,372 BTC, worth roughly $28.2 billion at today’s prices, making it the largest known state Bitcoin holder in the world, though this stockpile was accumulated entirely through criminal and civil forfeiture rather than open market purchases.

A parallel Senate bill, the BITCOIN Act sponsored by Senator Cynthia Lummis, would go further by directing the Treasury to actively purchase one million BTC over five years, but remains unpassed in the Senate.

Treasury Secretary Scott Bessent stated in August 2025 that the administration would not be buying additional Bitcoin under the current executive order framework, leaving the budget neutral acquisition mandate without any confirmed open market purchase to date.

What the September 16 Committee Vote Actually Changes

H.R. 8957, now officially called the American Reserve Modernization Act after Alaska Representative Nick Begich rebranded his original bill to broaden bipartisan appeal, represents the first time Congress has moved a Strategic Bitcoin Reserve proposal through formal committee process. The 28-21 vote pushes the bill toward a possible full House floor vote, though it still requires Senate passage and presidential signature before becoming law. Rep. Bill Foster, a Democrat from Illinois, voiced opposition during the markup, arguing that Bitcoin’s volatility makes it a poor fit for government reserves and stating plainly that he doesn’t believe Bitcoin is critical to the US economy.

Begich has said he is coordinating with Senator Lummis to align the House and Senate versions of the legislation, a signal that lawmakers are attempting to build a unified path forward rather than letting the two chambers’ bills compete separately. Whether that coordination produces an actual law remains genuinely uncertain given the bill’s mixed committee vote and the broader difficulty Congress has had passing crypto market structure legislation this year, illustrated most recently by the CLARITY Act’s own failed Senate cloture vote on September 15. For the latest on that separate story, see our CLARITY Act explainer.

The Reserve’s Current Legal Status

President Trump’s March 6, 2025 executive order established the Strategic Bitcoin Reserve by directing federal agencies to consolidate their seized Bitcoin holdings under Treasury management and explicitly prohibiting the sale of any Bitcoin held in the reserve, reversing years of US Marshals Service practice of routinely auctioning off seized crypto. A separate US Digital Asset Stockpile was created for non-Bitcoin holdings like Ethereum, Solana, and XRP, with different rules that leave open the possibility of eventual sales for those assets specifically.

Crucially, the executive order never committed the government to purchasing additional Bitcoin with taxpayer money. It instead directed Treasury and Commerce to study budget neutral acquisition strategies, language broad enough that, more than a year later, it still has not translated into a single confirmed open market purchase. The most seriously discussed budget neutral option involves revaluing the roughly 8,133 tonnes of gold the Treasury holds, currently carried on the books at a Depression era statutory price of $42.22 per ounce, and using the resulting paper gains to fund Bitcoin acquisitions without new spending.

Why the Reserve Has Moved So Slowly

Part of the delay traces to genuine legal and structural uncertainty rather than simple political inertia. White House officials confirmed in January 2026 that the administration remains committed to the reserve but cited unresolved legal provisions complicating its implementation, and a July 2026 report noted the White House was still evaluating whether Treasury or Commerce should formally house the reserve. Security has also emerged as a concrete concern: in early 2026, the US Marshals Service investigated a possible hack of government digital asset accounts following allegations that more than $60 million had been stolen, an incident that added urgency to the push for centralized, secure custody under a single agency.

For the fuller picture of how this fits into the broader regulatory landscape, see crypto news today and crypto market today.

This article is for informational purposes only and does not constitute financial advice.