US Government Not Selling Seized Bitcoin (BTC)...Reserve Asset Bill Heads to Plenary Session

▲ US Bitcoin (BTC)

A bill that safely stores Bitcoin (BTC) seized by the US government and manages it as a national strategic asset has passed its first hurdle. The cryptocurrency industry is welcoming it as a historic step towards national-level Bitcoin holdings.

According to crypto media outlet Benzinga on August 26 (local time), the US House Financial Services Committee passed the American Reserve Asset Modernization Act (ARMA), a strategic Bitcoin reserve bill, with 28 votes in favor and 21 against. This marks the first time that a bill approving the US government's holding of Bitcoin and specifying the establishment of secure storage facilities has been passed at the federal congressional committee level. The bill, having passed the committee, is expected to be formally placed on the House legislative agenda.

Conner Brown, CEO of the Bitcoin Policy Institute, called the committee's passage "a truly historic step." Brown emphasized, "The American Reserve Asset Modernization Act is a common-sense policy to safely protect the Bitcoin the US already holds and manage it as a strategic national asset." The aim is to systematically manage assets secured by the government.

US Representative Bryan Steil also strongly supported the bill's advancement. Representative Steil pointed out, "Storing seized Bitcoin in a fragmented and inconsistent manner creates cybersecurity vulnerabilities and hinders federal accounting transparency." He argued that an institutional management framework must be established to prevent the risk of loss of national assets.

For the bill to finally come into effect, it must undergo a vote in the House plenary session, pass the Senate, and receive the signature of US President Donald Trump. As the legislative process for the government to permanently hold Bitcoin as an official national reserve asset accelerates, expectations for its institutional integration are growing.

[Key Summary of the Article]

-The US House Committee passed the Reserve Asset Modernization Act, which specifies the US government's storage and management of Bitcoin, by a vote of 28 to 21.

-The industry praised it as a common-sense measure and a historic step to manage government-seized Bitcoin as a strategic asset.

-The bill will ultimately take effect after a vote in the House plenary session, Senate passage, and the signature of US President Donald Trump.

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