The US Congress has put forward a bill that tells the U.S. Treasury to look into and write a report on the Strategic Bitcoin Reserve and U.S. digital asset stockpile, which President Donald Trump has ordered to be created.
The House appropriations bill, which was introduced by Representative David P. Joyce on Friday, has two parts. The two sections direct the Treasury Department to write a report on the legal authority, custody, cybersecurity measures, and feasibility of digital assets that the federal government holds within 90 days of the bill becoming law.
Joyce expressed gratitude toward the House Appropriations Committee for advancing his broad bill on X by saying, “This legislation ensures the federal government is fiscally responsible, leverages new technology, and is focused on national security.”
The bill also tells the agency to explain how it will handle interagency transfers, how the assets will be shown on the federal government’s balance sheet, and all third-party contractors who might be in charge of keeping them safe.
In March, President Trump signed an executive order to create a Strategic Bitcoin Reserve and a digital asset stockpile. The government would use the crypto it had taken from criminals to set up both funds. Scott Bessent, the U.S. Treasury Secretary, has said again that the agency is also “looking into budget-neutral pathways” to strengthen the Bitcoin reserve.
The new bill is a step toward the U.S.’s goal of making a Bitcoin reserve. The whole House will look at it, and if they pass it, it will go to the Senate.
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