Bill Proposes US Bitcoin Reserve

Why this is here: The proposed bill seeks to maintain a Bitcoin reserve for a minimum of 20 years, potentially broadening America’s portfolio of reserve assets.

Representatives Nick Begich and Jared Golden introduced the American Reserve Modernization Act in the United States. The bill directs the Treasury Department to establish a Bitcoin reserve, maintained for at least 20 years. It also seeks to consolidate billions in cryptocurrency already held by federal agencies through forfeitures and penalties.

This initiative attempts to formalize a promise made during the Trump administration, though progress has been slow. Patrick Witt of the President’s Council of Advisors for Digital Assets noted months of work interpreting the legal aspects of creating such a reserve. Treasury Secretary Scott Bessent previously ruled out any agency purchases of cryptocurrency, complicating the bill’s implementation.

Representative Golden stated current cryptocurrency holdings are subject to executive branch decisions. Critics, like Representative Maxine Waters, question the inherent value of cryptocurrency as a strategic reserve. The government has not yet allocated funds to the previously established, but unpopulated, Bitcoin reserve.