[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 8957 Introduced in House (IH)]
<DOC>
119th CONGRESS
2d Session
H. R. 8957
To establish a Strategic Bitcoin Reserve and other programs to ensure
the transparent management of Bitcoin holdings of the Federal
Government, to offset costs utilizing certain resources of the Federal
Reserve System, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 21, 2026
Mr. Begich (for himself, Mr. Golden of Maine, Mr. Van Epps, Mr. Owens,
Mr. Carey, Mr. Carter of Georgia, Mr. Moore of Alabama, Mr. Harrigan,
Mr. Rulli, Mrs. Miller-Meeks, Mr. Hamadeh of Arizona, Mr. Lawler, Mr.
Haridopolos, Mr. Collins, Mr. Taylor, Mr. Moore of West Virginia, Mr.
Moore of North Carolina, Mr. Evans of Colorado, Mr. Cline, Mr.
McDowell, Mr. Ogles, and Mr. Fong) introduced the following bill; which
was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To establish a Strategic Bitcoin Reserve and other programs to ensure
the transparent management of Bitcoin holdings of the Federal
Government, to offset costs utilizing certain resources of the Federal
Reserve System, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``American Reserve Modernization Act
of 2026''.
SEC. 2. FINDINGS.
Congress finds the following:
(1) The global financial landscape is rapidly evolving,
with digital assets playing an increasingly significant role in
the world economy.
(2) Bitcoin has demonstrated resilience, widespread
adoption, and served as a medium of exchange and a store of
value for more than a decade.
(3) Just as gold reserves have historically served as a
cornerstone of national financial security, Bitcoin represents
a digital-age asset capable of enhancing the financial
leadership and security of the United States in the 21st
century global economy.
(4) Bitcoin, as a decentralized and finitely scarce digital
asset, offers unique properties that could complement existing
national reserves, potentially strengthening the position of
the United States dollar in the global financial system.
(5) Diversification of the national assets of the United
States to include Bitcoin could enhance financial resilience
and position the United States at the forefront of global
financial innovation.
SEC. 3. DEFINITIONS.
In this Act:
(1) Airdrop.--The term ``airdrop'' means a distribution of
digital assets to holders of Bitcoin in a broad, equitable, and
non-discretionary manner.
(2) Digital asset.--The term ``digital asset'' means any
digital representation of value that is recorded on a
cryptographically secured distributed ledger.
(3) Fork.--The term ``fork'' means a change to the
consensus mechanism of a distributed ledger that creates a
separate ledger, resulting in a new digital asset that shares a
common transaction history with Bitcoin up to the point of
divergence.
(4) Qualifying bitcoin.--The term ``qualifying Bitcoin''
means Bitcoin that was finally forfeited as part of criminal or
civil asset forfeiture proceedings or in satisfaction of any
civil money penalty imposed by any executive department or
agency and that is not needed to satisfy requirements under
section 9705 of title 31, United States Code.
(5) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
SEC. 4. ESTABLISHMENT OF STRATEGIC BITCOIN RESERVE AND DIGITAL ASSET
STOCKPILE.
(a) Establishment.--
(1) Strategic bitcoin reserve.--The Secretary shall, not
later than 180 days after the date of enactment of this Act,
establish a secure Bitcoin storage facility within the
Department of Treasury for the United States, to be known as
the Strategic Bitcoin Reserve, for the safekeeping of
qualifying Bitcoin holdings.
(2) Digital asset stockpile.--The Secretary shall, not
later than 180 days after the date of enactment of this Act,
establish and administer a separate structure within the
Department of the Treasury, to be known as the Digital Asset
Stockpile, for the custody, management, and disposition of non-
Bitcoin digital assets held by the Federal Government.
(b) Oversight.--The Secretary shall be responsible for the ongoing
monitoring and auditing of the holdings of the Strategic Bitcoin
Reserve and the Digital Asset Stockpile.
(c) Security Measures.--
(1) In general.--The Secretary shall implement physical
security and cybersecurity measures, using commercially
reasonable and technologically appropriate standards, to
protect the qualifying Bitcoin and non-Bitcoin digital assets
in Strategic Bitcoin Reserve and the Digital Asset Stockpile.
(2) Consultation.--The Secretary shall consult and
collaborate with the Secretary of Defense, the Secretary of
Homeland Security, and industry experts to ensure the highest
level of physical security and cybersecurity for the Strategic
Bitcoin Reserve and the Digital Asset Stockpile.
(d) Management of Assets.--
(1) All qualifying Bitcoin acquired by the Federal
Government shall be deposited in the Strategic Bitcoin Reserve.
(2) All other digital assets acquired by the Federal
Government shall be deposited in the Digital Asset Stockpile.
(3) The Secretary shall have discretion to manage the
Digital Asset Stockpile, including through sale, exchange, or
conversion of non-Bitcoin assets, provided that--
(A) proceeds from such disposition shall be used
exclusively to increase the holdings of the Strategic
Bitcoin Reserve, or otherwise reduce the national debt;
and
(B) all transactions shall be conducted in a
transparent and accountable manner consistent with
Section 6 (Proof of Reserve System).
(e) Retention of Forks and Airdrops.--
(1) In general.--The Secretary shall ensure that, with
respect to assets controlled by the Strategic Bitcoin Reserve
and the Digital Asset Stockpile, all digital assets resulting
from forks or airdrops to blockchain addresses under the
Government's control are accounted for and reasonably stored in
the Strategic Bitcoin Reserve or Digital Asset Stockpile, as
applicable.
(2) Prohibition on immediate sale.--No digital asset stored
in the Strategic Bitcoin Reserve or Digital Asset Stockpile
that is the result of a fork or airdrop may be sold or
otherwise disposed of during the 5-year period beginning on the
date of the fork or airdrop, unless explicitly authorized by
law.
(3) Evaluation and disposition after the holding period.--
(A) Market capitalization assessment.--Upon the
expiration of the 5-year holding period described in
paragraph (2), the Secretary shall conduct an
assessment to determine which digital asset resulting
from a fork has the highest publicly traded market
capitalization.
(B) Retention of dominant asset.--The Secretary
shall retain the digital asset with the highest
publicly traded market capitalization that resulted
from the fork.
(C) Disposition of non-dominant assets.--The
Secretary may sell, auction, or otherwise dispose of
any digital assets resulting from the fork other than
the asset identified pursuant to subparagraph (B), with
the proceeds from such disposition to be deposited in
the general fund of the Treasury.
(D) Exception for novel utility.--If the Secretary,
in consultation with the Secretary of Commerce and
industry experts, determines that a non-dominant forked
asset possesses novel technological utility or
strategic value to the United States distinct from the
dominant asset, the Secretary may recommend to Congress
the retention of such asset, notwithstanding
subparagraph (C).
(f) Regulatory Authority.--
(1) In general.--To ensure the effective implementation and
administration of this Act, the Secretary is authorized to
issue regulations, promulgate rules, and adopt internal
procedures consistent with the purposes and provisions of this
Act. Such regulations may include, but are not limited to,
rules governing custody protocols, interagency coordination,
digital asset accounting standards, and public reporting
requirements.
(2) Sales of qualifying bitcoin.--
(A) In general.--If the Secretary makes a
determination under subsection (a) or subsection (b)
that it is in the interest of the United States to sell
qualifying Bitcoin held in the Reserve, the Secretary
may only sell such qualifying Bitcoin if--
(i) the Secretary issues a rule that
establishes a process through which the United
States shall sell such qualifying Bitcoin; and
(ii) the Secretary sells the qualifying
Bitcoin in accordance with such rule.
(B) Priorities.--The Secretary shall prioritize
transparency and the minimization of market disruption
when establishing any process through which the United
States will sell qualifying Bitcoin held in the
Reserve.
(C) Required disclosures.--Any process established
by rule under subparagraph (A) through which the United
States shall sell qualifying Bitcoin held in the
Reserve shall include a public disclosure of--
(i) the sale schedule for such qualifying
Bitcoin;
(ii) the quantity of qualifying Bitcoin to
be sold; and
(iii) any additional information the
Secretary determines appropriate to publicly
disclose.
SEC. 5. RESERVE ASSET HOLDING REQUIREMENTS.
(a) Minimum Holding Period.--To ensure the long-term stability and
security of the Strategic Bitcoin Reserve, the Secretary shall hold all
Bitcoin acquired by the United States and deposited in the Strategic
Bitcoin Reserve, regardless of acquisition method, for not less than 20
years from the date of enactment of this act; after the date of
enactment of this Act, the Secretary shall hold all Bitcoin acquired by
the United States and deposited in the Strategic Bitcoin Reserve,
regardless of acquisition method, for not less than 20 years from the
date of deposit in the Strategic Bitcoin Reserve.
(b) Retention of Bitcoin.--During the minimum holding period under
subsection (a), no Bitcoin held in the Strategic Bitcoin Reserve may be
sold, swapped, auctioned, encumbered, or otherwise disposed of for any
purpose.
(c) Recommendations After Holding Period.--
(1) In general.--On the date that is 2 years before the end
of the minimum holding period under subsection (a), the
Secretary shall submit to Congress recommendations on whether
to continue to voluntarily hold or to allow for the gradual and
controlled release of a portion of the holdings of the
Strategic Bitcoin Reserve.
(2) Recommendation.--Upon the expiration of the minimum
holding period, the Secretary may recommend selling up to 10
percent of the assets of the Strategic Bitcoin Reserve during
any 2-year period.
(3) Considerations.--When making the recommendation under
paragraph (2), the Secretary shall consider--
(A) the potential impact on the national deficit of
selling qualifying Bitcoin held in the Reserve;
(B) the long-term viability of Bitcoin as a
strategic investment of the United States;
(C) the potential effects on the Bitcoin market and
other digital asset markets of selling qualifying
Bitcoin held in the Reserve;
(D) how the level of diversification of the assets
held by the United States could be impacted by selling
qualifying Bitcoin held in the Reserve; and
(E) how the financial position and resilience of
the United States could be impacted by selling
qualifying Bitcoin held in the Reserve.
(d) Study To Sell Before Minimum Holding Period.--Not later than 1
year after the date of the enactment of this Act, the Secretary shall
submit to the Congress a study which describes--
(1) appropriate conditions in which to sell qualifying
Bitcoin before the minimum holding period described in
subsection (a); and
(2) any exceptions that the Secretary finds appropriate to
the minimum holding period described in subsection (a),
including for national security and financial stability
purposes.
SEC. 6. PROOF OF RESERVE SYSTEM.
To ensure transparency and accountability in the management of the
Strategic Bitcoin Reserve, the Secretary shall establish an ongoing
Proof of Reserve system of public cryptographic attestation under
which--
(1) the Secretary shall--
(A) publish quarterly reports on the Strategic
Bitcoin Reserve that include detailed information on
the total holdings, transactions, and demonstrated
control of private keys relating to the Strategic
Bitcoin Reserve, including a public cryptographic
attestation;
(B) make the quarterly reports available to the
public on an official website of the Department of
Treasury; and
(C) select an independent, third-party auditor with
expertise in cryptographic attestations to verify the
accuracy and integrity of the quarterly reports; and
(2) the Comptroller General of the United States shall, to
ensure compliance with this Act, conduct regular oversight of--
(A) the Strategic Bitcoin Reserve;
(B) the quarterly reports under paragraph (1)(A);
and
(C) the audits under paragraph (1)(C).
SEC. 7. CONSOLIDATION OF GOVERNMENT BITCOIN AND DIGITAL ASSET HOLDINGS.
(a) Temporary Custody and Inventory.--
(1) Within 60 days after the date of enactment of this Act,
the head of each Federal agency shall provide to the Secretary
a complete accounting of all Bitcoin and any other digital
assets held, seized, or otherwise under the control of such
agency.
(2) Until the Strategic Bitcoin Reserve and Digital Asset
Stockpile have been fully established and certified operational
pursuant to section 4(a), each Federal agency shall retain
custody of its Bitcoin holdings in accordance with existing
law, including any physical or cybersecurity protections,
subject to the prohibition in subsection (b).
(b) Prohibition on Sale or Encumbrance.--No Bitcoin under the
control of any Federal agency may be sold, swapped, auctioned,
encumbered, or otherwise disposed of during the interim period
preceding the operational certification of the Strategic Bitcoin
Reserve, except--
(1) for purposes of national security; or
(2) as required by a court of competent jurisdiction or to
return assets to identifiable victims of crime.
(c) Transfer to Strategic Bitcoin Reserve or Digital Asset
Stockpile.--
(1) Upon certification by the Secretary that the Strategic
Bitcoin Reserve and Digital Asset Stockpile is fully
operational and capable of secure custody, all Bitcoin and
other digital asset holdings of any Federal agency shall be
transferred to the Strategic Bitcoin Reserve or Digital Asset
Stockpile, as applicable, within 30 days.
(2) Transfers under this subsection shall be executed under
secure custody procedures established by the Secretary to
ensure the integrity, traceability, and full auditability of
all Bitcoin and other digital assets transferred.
SEC. 8. VOLUNTARY STATE PARTICIPATION AND SEGREGATED ACCOUNTS.
(a) Voluntary State Participation.--The Secretary shall establish a
program that allows a State to voluntarily participate in storing the
Bitcoin holdings of the State in the Strategic Bitcoin Reserve in a
segregated account.
(b) Participation Requirements.--A State choosing to participate in
the program established under subsection (a) shall sign a contractual
agreement outlining the terms and conditions of participation, which
shall include--
(1) the responsibilities of both the State and the
Strategic Bitcoin Reserve in managing and securing the Bitcoin
holdings of the State in the segregated account of the State;
(2) a requirement that the State, in coordination with the
Secretary, develop and implement appropriate security protocols
and access controls to ensure the integrity and confidentiality
of the segregated account of the State; and
(3) retention of title, and all attendant legal interests,
by the State in the Bitcoin held in the segregated account,
including title to any digital asset that is the result of a
fork or airdrop relating to such Bitcoin.
(c) Withdraw or Transfer.--Each State participating in the program
established under subsection (a) shall have the right to withdraw or
transfer the contents of the segregated account of the State within the
Strategic Bitcoin Reserve, subject to the terms and conditions in the
signed contractual agreement under subsection (b) and any applicable
Federal regulations.
(d) Limitation of Liability.--Any agreement entered into under
subsection (b) shall include an explicit acknowledgment by the State
that digital asset custody carries inherent risks that cannot be
eliminated completely, and that the State assumes all risks associated
with the voluntary placement of its digital assets in the Strategic
Bitcoin Reserve.
SEC. 9. STUDY ON BUDGET NEUTRAL STRATEGIES FOR BITCOIN ACQUISITION.
(a) Study.--The Secretary of the Treasury and the Secretary of
Commerce shall jointly study, within 180 days after the date of
enactment of this Act, the risks, costs, and potential benefits of the
acquisition of additional bitcoin over the next 5 years, to be held
within the Strategic Bitcoin Reserve, and whether it is possible for
such acquisition to be performed in a budget neutral manner that does
not, in practice, increase the national debt nominally or economically.
(b) Objectives.--The study under subsection (a) shall--
(1) evaluate whether there are lawful, budget-neutral
mechanisms, by which the United States may acquire Bitcoin;
(2) identify and evaluate the full cost of acquisitions,
nominally and economically, of bitcoins through mechanisms
including--
(A) conversion of non-Bitcoin digital assets held
in the Digital Asset Stockpile;
(B) structured acquisition funded by discretionary
surplus remittances from Federal Reserve Banks or
revaluation of gold certificates held by the Federal
Reserve Banks;
(C) receipt of Bitcoin through civil or criminal
forfeiture proceedings, penalties, or settlements;
(D) tax payments, tariff revenues, voluntary
contributions, bequests, or gifts made to the United
States; or
(E) cooperative programs with States, private
entities, or international partners for Bitcoin
acquisition or custody; and
(3) identify whether any such acquisitions could be budget-
neutral, meaning they do not require new appropriations or
impose net costs on United States taxpayers or the Federal
Government and its agencies or increase the national debt
nominally or economically.
(c) Reporting and Transparency.--The Secretary of the Treasury and
the Secretary of Commerce shall submit to the Committees on Banking,
Housing, and Urban Affairs and Finance of the Senate and the Committees
on Financial Services and Ways and Means of the House of
Representatives--
(1) an initial study within 180 days after enactment; and
(2) annual updates thereafter detailing new findings.
Each annual report shall include a detailed accounting of projected
bitcoin acquisitions' full costs and benefits to United States
taxpayers and the Federal Government and its agencies and to the
national debt nominally and economically.
(d) Limitation.--Nothing in this section shall be construed to
authorize any borrowing, new taxation, or deficit spending for the
purpose of acquiring Bitcoin.
SEC. 10. PROTECTION OF PRIVATE PROPERTY RIGHTS.
(a) Rules of Construction.--Nothing in this Act shall be construed
to--
(1) authorize the Federal Government to seize, confiscate,
or otherwise impair any property right in the lawfully acquired
Bitcoin holdings of any person;
(2) infringe upon the rights of individuals, businesses, or
organizations to purchase, hold, transfer, or dispose of
Bitcoin in accordance with the law; or
(3) otherwise affect the functions of the director of the
Office of the Management and Budget relating to budgetary,
administrative, or legislative proposals.
(b) Affirmation of Rights.--This Act affirms and protects the
rights of persons to maintain full lawful control over the Bitcoin and
other digital assets of those individuals, recognizing that the ability
to maintain self-custody of private keys is fundamental to the
principles of financial sovereignty, privacy, and personal liberty in
the digital age.
SEC. 11. MODIFICATION OF EXCHANGE STABILIZATION FUND.
Section 5302(c) of title 31, United States Code, is amended--
(1) in paragraph (1), by inserting ``, including a detailed
accounting of any Bitcoin transactions and holdings'' after
``all projected liabilities''; and
(2) in paragraph (2), by inserting ``, including a specific
accounting of any Bitcoin acquired, sold, or held by the fund
during year preceding the report'' after ``on the operation of
the fund''.
<all>