- The House Financial Services Committee reported the American Reserve Modernization Act favorably by 28 votes to 21.
- The version that advanced drops the gold and Federal Reserve mechanisms floated for buying more Bitcoin.
- Proof-of-reserve reporting falls from quarterly to annual.
The House Financial Services Committee has favorably reported the American Reserve Modernization Act (H.R. 8957) by a 28-to-21 margin. All 28 votes in favor came from Republicans, while all 21 votes against came from Democrats. An amendment introduced by Ranking Member Maxine Waters (D-CA) also failed on the same 21-28 split.
The legislation would grant the Treasury Department 180 days to establish a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile, and mandates that every federal agency account for its digital asset holdings within 60 days. Committee Chairman French Hill (R-AR) described the measure as a “common-sense approach that brings digital assets held across federal agencies under Treasury custody and consistent oversight.” Once deposited, the Bitcoin cannot be “sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose” for a period of 20 years.
The version that advanced is narrower than the original bill introduced by Rep. Nick Begich (R-AK) in May, following the committee’s adoption of a substitute from Rep. Bryan Steil (R-WI) by voice vote. Gone are the most ambitious funding ideas; the original directed a study of acquiring Bitcoin using “discretionary surplus remittances from Federal Reserve Banks or revaluation of gold certificates held by the Federal Reserve Banks,” alongside tariff revenue and gifts. Steil’s version removes all of this, leaving only asset swaps, forfeitures, and cooperative programs with states. The bill’s long title, which previously promised to “offset costs utilizing certain resources of the Federal Reserve System,” was rewritten to drop that phrase.
Proof-of-reserve reporting has been reduced from quarterly to annual, and the explicit requirement to post these reports on the Treasury’s website has been eliminated. Forked and airdropped assets must now be held for one year rather than five. Proceeds from selling stockpile assets, which the original earmarked for purchasing more Bitcoin or reducing the national debt, will now be used to cover management costs first. Additionally, “Qualifying Bitcoin” has been expanded; it is no longer limited to coins seized in forfeiture but covers all Bitcoin owned by the federal government.
The bill still authorizes no purchases, instead ordering Treasury and Commerce to study within 180 days whether buying more Bitcoin could be done without costing taxpayers. Nothing in that section permits “any borrowing or other financing, including the pledging, encumbering, or use of any digital asset or other asset of the United States as collateral.” Treasury Secretary Scott Bessent has separately ruled out agency purchases. Waters’ amendment aimed to bar the president, vice president, members of Congress, and their spouses, children, and children-in-law from holding a controlling stake in any digital asset, serving as an officer or owner of an issuer, or taking “direct or indirect compensation, including fees, for the sale, marketing, or mining” of one.
President Trump created the reserve by executive order in March 2025. The bill must still clear the full House, and no companion legislation has passed the Senate.
