[Congressional Record Volume 171, Number 133 (Friday, August 1, 2025)]
[Senate]
[Pages S5294-S5295]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 3508. Ms. LUMMIS (for herself and Mr. Tuberville) submitted an 
amendment intended to be proposed by her to the bill S. 2296, to 
authorize appropriations for fiscal year 2026 for military activities 
of the Department of Defense, for military construction, and for 
defense activities of the Department of Energy, to prescribe military 
personnel strengths for such fiscal year, and for other purposes; which 
was ordered to lie on the table; as follows:

       At the appropriate place in title X, insert the following:

     SEC. 10__. REPORT ON THE STRATEGIC IMPLICATIONS OF BITCOIN 
                   FOR UNITED STATES NATIONAL AND ECONOMIC 
                   SECURITY.

       (a) Findings.--Congress finds that--
       (1) Bitcoin is emerging as a strategically significant 
     monetary asset, with a fixed supply, increasing adoption, and 
     growing relevance in sovereign reserve policy--posing

[[Page S5295]]

     both opportunities and risks to United States national 
     economic security and the international financial system 
     anchored by the dollar;
       (2) adversarial and allied nation-states are accelerating 
     efforts to accumulate Bitcoin--directly and through 
     affiliated entities--raising the possibility of long-term 
     geoeconomic and game-theoretic competition over strategic 
     access to a scarce monetary resource, with implications for 
     deterrence, financial sovereignty, and the credibility of 
     United States economic power; and
       (3) a comprehensive Department of Defense assessment is 
     necessary to evaluate the strategic implications of global 
     Bitcoin accumulation, identify potential risks and 
     opportunities for integrated United States statecraft, and 
     inform future interagency actions to preserve national and 
     economic security in the digital asset era.
       (b) Report Required.--
       (1) In general.--Not later than 120 days after the date of 
     the enactment of this Act, the Secretary of Defense shall 
     submit to the Committee on Armed Services of the Senate and 
     the Committee on Armed Services of the House of 
     Representatives a report on Bitcoin's strategic implications 
     for the United States and recommended courses of action.
       (2) Scope.--The report submitted pursuant to paragraph (1) 
     shall, at a minimum, include the following:
       (A) Global accumulation analysis.--A detailed assessment of 
     the current and planned accumulation of Bitcoin by nation 
     states and nation state-affiliated entities, including 
     sovereign wealth funds, state-owned enterprises, and 
     individual national leaders, as well as related policy and 
     adoption trends.
       (B) Comparative united states position.--An analysis of 
     present and planned United States Government Bitcoin holdings 
     compared both to other nations' holdings of Bitcoin and to 
     nation state holdings of gold.
       (C) Net assessment.--An evaluation of the strategic 
     advantages and disadvantages for United States national and 
     economic security of holding a greater share of Bitcoin than 
     any other nation.
       (D) Game theoretic dynamics.--An examination of the 
     competitive dynamics likely to emerge as nation states 
     increase Bitcoin accumulation as a sovereign reserve asset.
       (E) Legal and policy review.--A review of Department of 
     Defense authorities, policies, regulations, and contractual 
     rules that govern or constrain any Department of Defense 
     component or contractor in receiving, holding, acquiring, 
     disposing, transacting, or otherwise lawfully using Bitcoin.
       (F) Integrated statecraft recommendations.--Concrete 
     recommendations for leveraging Bitcoin across diplomatic, 
     informational, military, economic, financial, intelligence, 
     and law enforcement (DIME FIL) instruments of national power.
       (c) Coordination and Contributors.--
       (1) In general.--In preparing the report required by 
     subsection (b)(1), the Secretary shall coordinate through the 
     Office of the Secretary of Defense (OSD) and shall 
     incorporate input from--
       (A) combatant commands;
       (B) Department organizations with economic security or 
     financial warfare responsibilities and expertise, including 
     the Office of Strategic Capital and the Office of Expanded 
     Competition; and
       (C) the Under Secretary of Defense for Intelligence and 
     Security.
       (2) Consultation.--In preparing the report required by 
     subsection (b)(1), the Secretary shall consult, as the 
     Secretary considers appropriate, with--
       (A) the Executive Director of the President's Working Group 
     on Digital Asset Markets;
       (B) the Chair of the Council of Economic Advisers; and
       (C) other interagency partners with relevant expertise.
       (3) Solicitation of data, analysis, and assessment 
     support.--The Secretary may solicit data, analysis, and 
     assessment support from nongovernmental organizations, 
     academia, and industry consistent with applicable procurement 
     and security regulations.
       (d) Form of Report.--The report required by subsection 
     (b)(1) shall be submitted in unclassified form, but may 
     include a classified annex to address sensitive intelligence, 
     operational plans, or proprietary data.
       (e) Definition of Bitcoin.--In this section, the term 
     ``Bitcoin'' means the cryptographically secured digital asset 
     native to the Bitcoin public blockchain network, identified 
     by the ticker symbol ``BTC''. Such term does not include any 
     fork or derivative network that is not in consensus with the 
     canonical Bitcoin blockchain.
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