The U.S. House Financial Services Committee announced on the 16th (local time) that it has officially started deliberating on the 'American Strategic Reserve Modernization Act (H.R.8957),' a bill related to strategic Bitcoin reserves. The decision to deliberate was made by an oral vote of the committee members, with 28 votes in favor and 21 against. U.S. House Financial Services Committee Chairman French Hill stated in his opening remarks at the meeting that "this bill will significantly enhance security and transparency by integrating the management of government-held Bitcoin and virtual assets (cryptocurrencies) acquired through criminal and civil forfeiture under the Treasury Department." The bill includes provisions mandating that government-forfeited Bitcoin not be sold but instead be held as a Treasury Department 'strategic reserve asset' for a minimum of 20 years. Furthermore, it also includes provisions for establishing separate reserves for cryptocurrencies other than Bitcoin and protecting the ownership of non-custodial cryptocurrencies legally acquired by individuals.
