House Committee Moves Forward with Bitcoin Reserve Bill
- The House Financial Services Committee approved H.R. 8957, advancing it by a vote of 28-21.
- The bill mandates a statutory 20-year holding period for federal government-owned Bitcoin not required for other purposes.
- Approximately 324,527 BTC, valued at about $26.48 billion, are linked to U.S. government addresses.
- The legislation requires Treasury to establish the Strategic Bitcoin Reserve and Digital Asset Stockpile within six months of enactment.
- Annual audits and proof-of-reserve reports will be mandated, verified by an independent auditor experienced in cryptographic attestations.
The bill aims to formalize the federal government’s approach to managing its Bitcoin holdings by establishing a long-term reserve strategy and requiring comprehensive audits and reporting mechanisms.
If enacted, this legislation would solidify the U.S.’s legal framework for holding significant amounts of cryptocurrency as a reserve asset over a two-decade period. (Source)
