US lawmakers push for strategic Bitcoin reserve and digital asset consolidation

Washington is taking steps towards solidifying its position in the digital asset market. US lawmakers have introduced the American Reserve Modernization Act (ARMA), which seeks to establish a formal strategic Bitcoin reserve and consolidate the federal government's multibillion-dollar cryptocurrency stockpile.

The bill, spearheaded by Representative Nick Begich, mandates the creation of a secure Bitcoin reserve within the US Department of the Treasury. It also requires the establishment of a separate 'Digital Asset Stockpile' for federally held, non-Bitcoin cryptocurrencies.

The legislation aims to provide a long-term structure to the government's existing digital wealth, primarily amassed through law enforcement seizures. According to data from Bitcoin Treasuries, the US currently holds 328,372 Bitcoin, valued at more than $25 billion.