HOUSE COMMITTEE MOVES TO CODIFY TRUMP'S STRATEGIC BITCOIN RESERVE

Summary from the TLDR Crypto newsletter

The House Financial Services Committee advanced the American Reserve Modernization Act, which would direct Treasury to maintain a "secure Bitcoin storage facility" and codify Trump's 2025 executive order creating a strategic bitcoin reserve. Reps. Nick Begich and Sen. Cynthia Lummis introduced the bill over a year ago as the BITCOIN Act, and it includes language for acquiring more bitcoin over five years using "budget-neutral strategies" plus a separate digital asset stockpile. Rep. Bill Foster opposed it, arguing bitcoin's riskiness and volatility make it a poor reserve asset and that "no one believes bitcoin is critical to the US economy." A companion bill has not yet passed in the Senate.