House Committee Advances Bill to Establish Permanent Strategic Bitcoin Reserve
The U.S. House Financial Services Committee has voted 28-21 to advance the American Reserve Modernization Act (ARMA). This bill, introduced by Republican Rep. Nick Begich of Alaska and co-sponsored by Democratic Rep. Jared Golden of Maine, aims to create a permanent strategic Bitcoin reserve for the U.S. government. ARMA proposes to convert the government's current Bitcoin holdings into a long-term reserve, akin to existing emergency oil or gold stockpiles. Key provisions of the bill include locking up existing government Bitcoin for a period of 20 years, prohibiting sales during this time. Additionally, it mandates the Treasury Department to issue publicly audited proof-of-reserve reports on a quarterly basis. The bill also directs the Treasury to devise budget-neutral strategies for acquiring more Bitcoin, ensuring that such acquisitions do not necessitate new taxes. This marks the furthest any Bitcoin-reserve bill has progressed in Congress, with previous attempts like the BITCOIN Act (S.954) and House ...