The U.S. House Financial Services Committee backed the American Reserve Modernization Act of 2026, or H.R. 8957, on Sept. 16. The committee vote advanced legislation that would codify President Donald Trump’s policy of creating a strategic bitcoin reserve.

The measure, introduced by U.S. Representative Nick Begich, passed the committee in a 28-21 vote.

Reserve and custody requirements

The bill would create a strategic bitcoin reserve and a separate digital asset vault within the U.S. Department of the Treasury. The reserve and vault would hold bitcoin and other digital assets obtained by the federal government through criminal or civil forfeiture.

Under the legislation, bitcoin placed in the federal reserve must be held for at least 20 years. The requirement is intended to make the asset a permanent part of the federal government’s reserves.

Begich said the federal government’s existing bitcoin custody system is fragmented and creates cybersecurity risks.

“We cannot allow bitcoin held by the federal government to simply remain in a fragmented and inconsistent custody system. This creates unacceptable cybersecurity risks and fails to provide proper accounting of what the federal government actually owns,” he said.

According to Arkham, the U.S. government controls about 324,527 BTC, valued at $24.7 billion at the time of writing.

Next legislative steps

Following the committee vote, the bill can move to consideration by the full House of Representatives. To take effect, it would need approval from both chambers of Congress and the president’s signature.

The CLARITY Act had earlier failed to pass a vote in the U.S. Senate.

Source: Incrypted