The US House Financial Services Committee advances the American Reserve Modernization Act

The U.S. House Financial Services Committee voted 28 in favor and 21 against advancing the American Reserve Modernization Act (H.R. 8957). The bill requires the Ministry of Finance to establish a Bitcoin strategic reserve and digital asset reserve within 180 days, and requires federal agencies to declare their holdings of assets within 60 days. Bitcoin included in the reserve cannot be sold, exchanged, auctioned, or pledged within 20 years. The revised text removes the arrangement of purchasing more Bitcoin with Federal Reserve funds, gold certificate revaluation, and tariff revenue, and adjusts the frequency of reserve certification reporting from quarterly to annual. The bill does not authorize the purchase of Bitcoin and only requires the Ministry of Finance and the Ministry of Commerce to study an increase in holdings plan without taxpayer costs. (Source: Decrypt)