US House Committees Advance Bitcoin Strategic Reserve Bill and Digital Asset Tax Rules

Two US House committees advanced cryptocurrency-related legislation on Wednesday. The committees approved a bill to establish a Bitcoin (BTC) strategic reserve and another separate bill setting federal tax rules for digital assets.

The vote came the day after the Senate rejected cloture on the CLARITY Act, halting major efforts to create a clearer regulatory framework for the cryptocurrency industry.

The Digital Asset Market Clarity (CLARITY) Act failed to pass in the US Senate on September 15, 2024. House Financial Services Committee Chair French Hill and House Agriculture Committee Chair Glenn Thompson later stated that Congress still needs to establish rules for this sector.

On Thursday morning, two separate bills cleared committees. This shows legislative work on digital asset regulation is continuing through multiple pathways.

The House Financial Services Committee approved H.R. 8957, the Modernizing U.S. Reserves Act, by a vote of 28-21. The bill was introduced by Rep. Nick Begich in May.

If passed, this measure would require the federal government to store seized Bitcoin in a Treasury reserve for over 20 years, with other digital assets held separately.

According to Arkham Intelligence, the US government currently holds 324,527 BTC, valued at $24.8 billion.

The House Appropriations Committee passed H.R. 10357, the Digital Asset Tax Certainty Act, by a vote of 38-5. The bill was introduced by Chairman Jason Smith on September 14.

This legislation aims to establish clear tax rules for digital assets and extend the wash-sale rule to apply to cryptocurrencies as well.

Both bills now await full House floor votes, Senate passage, and presidential signing before becoming law. The current 119th Congress is set to end in January 2025.