Bitcoin Reserve Bill Clearing House Committee a 'Historic Step,' Says This Advocate: Holding BTC a 'Commo

Conner Brown, Executive Director at the Bitcoin Policy Institute, welcomed the House Financial Services Committee’s advancement of the Strategic Bitcoin Reserve Bill on Wednesday.

‘Strategic National Asset’

Brown described the passage as a “genuinely historic step” for Bitcoin (CRYPTO: BTC) policy as it marked the first federal committee approval of legislation authorizing a secure storage facility for the U.S. government’s BTC holdings.

“ARMA [American Reserve Modernization Act] is common-sense policy: secure the Bitcoin America already owns and steward it as the strategic national asset it is,” he added.

What Happens Next?

Rep. Bryan Steil (R-Wis.) strongly backed the bill, arguing that “fragmented and inconistent custody” of seized Bitcoin creates cybersecurity vulnerabilities and inadequate federal accounting.

The bill was “ordered to be reported favorably” by a 28-21 vote, which means it will be placed on the House legislative calendar.

It must still pass a floor vote in the House and the Senate and then be signed by President Donald Trump before it can become law.

US to Become BTC HODLer?

The bill requires the government to retain all Bitcoin for 20 years, prohibiting any sale, swap, auction, or pledge of the holdings. It also directs the Treasury and Commerce Departments to find budget-neutral ways to acquire more BTC.