House Committee Advances US Bitcoin Reserve Bill on Party-Line Split

In brief

• 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.

A House committee has advanced a bill that would write President Donald Trump's Strategic Bitcoin Reserve into law, reporting the American Reserve Modernization Act, H.R. 8957, favorably on Wednesday by 28 votes to 21.

All 28 votes to report the bill came from Republicans and all 21 against from Democrats. An amendment from ranking member Maxine Waters (D-CA) failed on the same 21-28 line.

The bill  would give the Treasury 180 days to stand up a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile, and requires every federal agency to account for its holdings within 60 days. Committee chairman French Hill (R-AR) called it "a common-sense measure that brings digital assets held across federal agencies under Treasury custody and consistent oversight." Once deposited, no Bitcoin could be "sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose" for 20 years.

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