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US House Financial Services Committee Passes Strategic Bitcoin Reserve Bill, 28-21
Suehyeon Lee
Summary
- A bill requiring the US government to hold confiscated Bitcoin long term as a strategic asset has passed the House Financial Services Committee.
- The American Reserve Modernization Act, or H.R. 8957, would require the Treasury Department to hold acquired Bitcoin for at least 20 years as a strategic reserve asset instead of selling it.
- The committee vote marks a step forward for efforts to legislate a strategic Bitcoin reserve, and H.R. 8957 will next go to the full House for consideration.
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A bill that would require the US government to hold confiscated Bitcoin long term as a strategic asset has passed the House Financial Services Committee.
Cointelegraph reported on Sept. 16 that the committee approved the American Reserve Modernization Act, or H.R. 8957, by a 28-21 vote.
The bill would require the Treasury Department to hold Bitcoin obtained through criminal and civil forfeiture proceedings for at least 20 years as a strategic reserve asset instead of selling it.
The committee vote marks a step forward in efforts to codify a strategic Bitcoin reserve. H.R. 8957 will next go to the full House for consideration.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.