U.S. House Bill Would Add Forfeited Bitcoin to Treasury's Strategic Reserves

A new House proposal would fold Bitcoin obtained through criminal or civil forfeiture into a federal strategic reserve overseen by the U.S. Department of the Treasury. The U.S. Congress website has published the full text of the U.S. Reserve Modernization Act (H.R. 8957, ARMA), introduced May 21 by Rep. Nicholas Begich of Alaska. The measure is now under review by the House Financial Services Committee. Under ARMA, forfeited Bitcoin would be held in a strategic reserve with a minimum 20-year holding period. The bill also calls for quarterly reserve attestations and independent audits. ARMA further directs the Treasury Department and the Commerce Department to deliver, within 180 days, a study outlining options for budget-neutral Bitcoin acquisitions. Analysts say the framework is more incremental than the Bitcoin Act, which would require purchasing 1 million Bitcoin, making ARMA comparatively moderate and potentially easier to advance politically.