U.S. House Financial Services Committee Begins Review of Bitcoin Strategic Reserve Bill

The U.S. House Financial Services Committee announced on Wednesday (local time) that it has formally placed the 'U.S. Strategic Reserve Modernization Act (H.R.8957)' as an official agenda item, beginning its review process. The committee proceeded with a verbal vote, resulting in 28 votes in favor and 21 against. Committee Chair French Hill stated during the opening remarks that the bill would enable the Treasury Department to consolidate and manage government-held bitcoin and virtual assets obtained through criminal or civil forfeitures, significantly enhancing security and transparency. The legislation mandates that government-seized bitcoin be held as a strategic reserve asset for at least 20 years without sale, while also establishing separate reserves for other cryptocurrencies and protecting ownership rights of non-custodial digital assets acquired legally by individuals.