The House Financial Services Committee approved a measure to set up a strategic bitcoin (BTC) reserve, turning President Donald Trump’s vision for a permanent bitcoin stockpile into formal legislation.
During Wednesday’s proceedings, the committee voted to advance the American Reserve Modernization Act, a 19-page proposal instructing the Treasury Department to operate a “secure Bitcoin storage facility.”
“This is a smart financial strategy that will increase our reserve strength while also reducing our deficit,” remarked Rep. Bryan Steil, R-Wis., while discussing the advancement of this and other measures. “Digital assets continue to transform the global market. We must modernize our strategic reserves to maintain American dominance and financial stability.”
GOP Representative Nick Begich and Senator Cynthia Lummis initially put forward the legislation more than a year ago under the title “Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act,” or the BITCOIN Act. The proposal contains provisions for accumulating additional bitcoin over a five-year period via “budget-neutral strategies,” alongside instructing the Treasury to set up a digital asset reserve for alternative cryptocurrencies.
Trump detailed his blueprint for the reserve during the early stages of his term in 2025, supported primarily by bitcoin currently held by the federal government via civil or criminal asset seizures, alongside a separate digital asset stockpile. The executive order additionally instructed the Treasury and Commerce Departments to devise budget-neutral approaches for accumulating bitcoin without placing a financial burden on taxpayers.
Doubts subsequently surfaced regarding the Treasury’s legal authority to oversee the reserve, as Bloomberg reported in July.
Certain lawmakers pushed back against the measure. Rep. Bill Foster, D-Ill., expressed skepticism regarding bitcoin’s viability as an investment due to its high volatility and inherent risks.
“I don’t think anyone believes that bitcoin is critical to the U.S. economy,” Foster stated.
Originally published at https://www.theblock.co/news/regulation/2026-09-16-house-committee-moves-bitcoin-reserve-bill-415317.
