US House reveals bill to create national Bitcoin reserve

The full text of H.R.8957, the Modernizing America's Reserve Assets Act (ARMA), has been published on the official U.S. Congress website. The bill was introduced on May 21 by Rep. Nicholas Begich of Alaska and has been referred to the House Financial Services Committee for review. The legislation's core proposal is for the Treasury Department to incorporate Bitcoin obtained through criminal and civil forfeitures into a strategic reserve. These assets would be required to be held for a minimum of 20 years, with sales or disposals prohibited during that time. The bill also mandates a quarterly proof-of-reserves mechanism, independent third-party audits, and allows state governments to voluntarily deposit Bitcoin into separate accounts within the Federal Reserve. A forward-looking provision requires the Treasury and Commerce Departments to jointly study viable paths to increase the nation's Bitcoin holdings within 180 days, without additional appropriations. Potential methods include converting non-Bitcoin digital assets, using forfeited assets, accepting voluntary donations, utilizing tax and tariff revenue, or employing Federal Reserve or gold certificate mechanisms. Additionally, any assets from hard forks or airdrops on government-managed addresses would be subject to a five-year sales ban. After this period, their market value would be assessed, with only the most valuable mainstream asset retained and the remainder sold, with proceeds going to the Treasury. Analysts noted that compared to the previous "BITCOIN Act," which called for the purchase of one million Bitcoin, the new bill is more moderate and has a higher chance of political feasibility. They also observed that it leaves open the possibility for the federal government to purchase more Bitcoin in the future.