U.S. House Committee Locks Up 320,000 Bitcoin (BTC) for 20 Years... What are the Chances of Final Legislation?

▲ Bitcoin (BTC)

A bill to stockpile Bitcoin (BTC) for a minimum of 20 years has passed a U.S. House of Representatives standing committee.

According to cryptocurrency specialized media BeInCrypto on September 17 (local time), the House Financial Services Committee approved the U.S. Reserve Asset Modernization Act with 28 votes in favor and 21 against on the 16th. The bill was introduced by Representative Nick Begich in May.

The bill mandates that the federal government consolidate confiscated Bitcoin in the Treasury and hold it for at least 20 years. Other digital assets will be stockpiled separately. Arkham Intelligence estimates the U.S. government's holdings at 324,527 BTC, with an estimated value of $24.8 billion.

The House Ways and Means Committee also passed the Digital Asset Tax Clarity Act with 38 votes in favor and 5 against. The bill was introduced by Chairman Jason Smith on the 14th. It establishes tax standards for digital assets and applies wash sale rules, which limit loss deductions, to digital assets.

Smith stated that it “will be the first federal law to address the practical taxation of cryptocurrencies and other digital assets.” He explained that it will affect over 67 million cryptocurrency holders, which represents one in four Americans.

Both bills passed their respective standing committees the day after the U.S. Cryptocurrency Market Structure Bill failed a cloture vote in the Senate on the 15th. For them to become law, they require passage by the full House, the Senate, and the President's signature. The term of the 119th Congress ends in January.

[Key Summary of the Article]

-The bill to stockpile Bitcoin for at least 20 years passed the House standing committee with 28 votes in favor and 21 against.

-The cryptocurrency tax bill also passed with 38 votes in favor and 5 against.

-Both bills still await passage by the full House, the Senate, and the President's signature.

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