The House Financial Services Committee marks up the American Reserve Modernization Act today, the first full committee vote to write a Strategic Bitcoin Reserve into federal law. Chairman Bryan Steil has filed a substitute amendment that would replace the original text and change several of its terms, including how long Bitcoin stays locked in the reserve.
The US House moves on its Strategic Bitcoin Reserve bill today, after the CLARITY Act failed to pass in the Senate. The House Financial Services Committee is scheduled to mark up the American Reserve Modernization Act (H.R. 8957) at 10:00 AM on September 16, alongside eight other legislative bills. It is the first full committee vote to advance the Strategic Bitcoin Reserve into federal statute.
What the bill requires
Representatives Nicholas Begich and Jared Golden introduced the American Reserve Modernization Act on May 21. The bill would require the US Treasury Department to establish a Strategic Bitcoin Reserve within 180 days of enactment, plus a separate Digital Asset Stockpile for other crypto assets such as Ethereum, XRP, Solana, and Cardano. The bill follows President Trump's executive order to establish a Strategic Bitcoin Reserve.
Other provisions call for transferring seized and forfeited Bitcoin into the reserve, locking the holdings for 20 years, and requiring quarterly proof-of-reserve reporting. Treasury Secretary Scott Bessent had earlier urged lawmakers to advance the bill.
Key changes in the Steil amendment
Bryan Steil, chairman of the Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence, filed an amendment in the nature of a substitute. If adopted today, it would replace the entire Begich text and insert minor changes.
Under Steil's version, the 20-year lock-in would start from the date of enactment for all Bitcoin deposited in the reserve, rather than from each individual deposit. The Treasury Secretary would have to report proof-of-reserve annually, and assets received from forks or airdrops could not be sold for one year, down from five years in the original bill. Steil's draft still bars sales during the 20-year period and still requires a rulemaking process if a later sale becomes necessary, with disclosures meant to limit market disruption. Any proceeds from a stockpile sale would go first toward management costs, with the remainder reducing the national debt.
The American Reserve Modernization Act still needs a floor vote, Senate approval, and a presidential signature before it becomes law. Today's markup tests whether Democrats will back a strategic national Bitcoin reserve.
Source: CoinGape
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