Donald Trump · White House · Bitcoin · Federal Reserve (FED) · U.S. · U.S. Treasury · The Block
House committee moves to codify Trump’s Strategic Bitcoin Reserve
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The House Financial Services Committee advanced a bill to establish a strategic bitcoin (BTC) reserve, which would codify President Donald Trump's plan to create permanent bitcoin holdings.
Key facts
- On Wednesday, the panel voted to move forward with the American Reserve Modernization Act, which would direct the Treasury Department to maintain a "secure Bitcoin storage facility," according
- Cynthia Lummis earlier introduced the bill over a year ago when it was called the " Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act," or BITCOIN Act
- The House Financial Services Committee advanced a bill to establish a strategic bitcoin (BTC) reserve, which would codify President Donald Trump's plan to create permanent bitcoin holdings
- Bryan Steil, R-Wis., during the session to advance the bill and others
Summary
On Wednesday, the panel voted to move forward with the American Reserve Modernization Act, which would direct the Treasury Department to maintain a "secure Bitcoin storage facility," according to the 19-page bill. "This is a smart financial strategy that will increase our reserve strength while also reducing our deficit," said Rep. Nick Begich and Sen. Trump laid out his plan for that reserve early on in his presidency in 2025, funded mainly through bitcoin already owned by the government through criminal or civil forfeitures, and a separate digital asset stockpile.