US Congress Introduced Legislation for Strategic Bitcoin Reserve

A new bill has been introduced to the US Congress aimed at establishing a strategic reserve for Bitcoin and other cryptocurrencies in federal law. The American Reserve Modernization Act (ARMA) would direct the Treasury Department to create and maintain a reserve of digital assets, including Bitcoin, for a minimum of 20 years.

The legislation also mandates the consolidation of billions of dollars' worth of digital assets held across federal agencies through various means such as forfeitures and penalties. This would provide transparency by requiring regular proof-of-reserve reports to be submitted.