US House Committee Advances Bitcoin Reserve Bill: No New Purchases Yet

A US House of Representatives committee has voted to advance a bill aimed at making Trump’s strategic Bitcoin reserve permanent.

The US House Financial Services Committee moved the bill titled the American Reserve Modernization Act to the next stage. The vote was a step toward moving President Donald Trump’s previously announced strategic Bitcoin (BTC) reserve plan from an executive order into a legal framework.

The 19-page bill envisions the Treasury Department operating a secure Bitcoin storage facility. The text also plans to use budget-neutral methods for acquiring more Bitcoin over a five-year period. However, the committee’s advancement of the bill does not mean the US government has made new Bitcoin purchases or that the law has been passed.

The Bill Will Grant New Duties to the Treasury

The bill also includes the creation of a separate digital asset stockpile for other digital assets. Since similar regulation has not yet passed the Senate, the Congressional process must continue for the proposal to become law.

Trump announced the strategic reserve plan at the beginning of 2025. According to the plan, the majority of the reserve would consist of Bitcoin previously seized by the government in criminal or civil cases. The Treasury and Commerce Departments were planned to acquire Bitcoin through methods that would not impose additional costs on taxpayers.

During the committee hearing, Republican Representative Bryan Steil argued that the regulation would increase the US’s reserve strength and could reduce the budget deficit. Democratic Representative Bill Foster opposed the bill, stating that Bitcoin is risky and volatile. Foster said he does not believe Bitcoin is critical to the US economy.