House Committee Advances Strategic Bitcoin Reserve Bill in 28-21 Vote

The House Financial Services Committee advanced legislation that would place federally owned Bitcoin under a statutory Treasury reserve, approving the American Reserve Modernization Act by 28-21 on September 16.

H.R. 8957, introduced by Republican Rep. Nick Begich with Democratic co-lead Jared Golden, would establish a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within the Treasury. The committee adopted a substitute amendment before reporting the bill favorably, moving the Bitcoin reserve proposal beyond its initial committee stage.

Treasury Would Hold Reserve Bitcoin for 20 Years

The committee-approved text requires qualifying federal Bitcoin to be transferred into the Strategic Bitcoin Reserve and bars the Treasury from selling, swapping, auctioning, encumbering or otherwise disposing of reserve BTC for at least 20 years.

Federal agencies would have 60 days after enactment to provide Treasury with a complete accounting of Bitcoin and other digital assets they hold, seize or control. Treasury would then have 180 days to establish the reserve and Digital Asset Stockpile, followed by transfers of eligible assets into the centralized structures.

The legislation builds on President Donald Trump’s March 2025 executive order, which directed Treasury to maintain forfeited Bitcoin as reserve assets rather than routinely sell them. H.R. 8957 would place that structure in federal statute while expanding reporting and custody requirements.

Annual Proof of Reserve Would Require Independent Audit

Treasury would have to establish a public cryptographic Proof of Reserve system and publish an annual report detailing reserve holdings, transactions and control of private keys. An independent third-party auditor with cryptographic-attestation expertise would verify the report, while the U.S. Comptroller General would conduct ongoing oversight.

The amended version also directs Treasury and Commerce to study additional Bitcoin acquisitions within 180 days. Any proposed mechanism must be budget-neutral and cannot rely on new borrowing, taxation or deficit spending. The study can examine forfeitures, transactions involving non-Bitcoin government assets and cooperative arrangements with states or private entities.

Rep. Bill Foster opposed the reserve proposal during the markup, questioning Bitcoin’s suitability as a government reserve asset because of its volatility. Committee supporters argued that centralized Treasury custody and long-term retention would give the government a more consistent framework for assets already obtained through forfeiture.

Reserve Bill Advances After CLARITY Act Setback

The committee vote came one day after the Senate blocked the CLARITY Act in a 49-50 procedural vote, leaving the broader U.S. crypto market-structure package short of the 60 votes required to advance.

The two bills address different parts of federal crypto policy. CLARITY focuses on regulatory jurisdiction and rules for digital asset markets, while H.R. 8957 governs federal ownership and management of Bitcoin and other seized digital assets.

H.R. 8957 can now be reported to the full House. No floor vote has been scheduled, and the measure would still require House passage, Senate approval and presidential signature before becoming law.

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