US Congress wants Treasury to study a Bitcoin Reserve

On Friday, ￰0￱ filed the ￰1￱ appropriations bill, which includes two sections requiring the Treasury Department to study the feasibility of a Strategic Bitcoin ￰2￱ legislation also requires the department to outline custody, cybersecurity, and accounting for government-held digital ￰3￱ David Joyce from California introduced the bill, which was approved by the House Appropriations Committee on ￰4￱ legislation was also placed on the Union Calendar, the record for House measures involving spending and revenue that are eligible for floor ￰5￱ pushes for a Bitcoin custody plan in government The congressman called for the Treasury to determine whether a digital asset reserve is feasible and to detail how it would be governed, from custody and cybersecurity to legal authority and interagency ￰6￱ to section 137 of the bill, the Treasury Department is required to report on the chances of establishing a Strategic Bitcoin Reserve and a ￰7￱ asset ￰8￱ also called for Treasury analysis to determine the impact of the reserve on the Treasury Forfeiture Fund and the authorities that could enable asset ￰9￱ 138 also mandates that the Treasury Department have a 90-day plan to report on the digital asset ￰10￱ plan covers custody architecture, legal authorities, interagency procedures, and cybersecurity protocols for virtual currencies held by the federal government.

“If passed, this will mean that the Treasury is tackling the exact same operational and legal issues every institutional custodian in this space faces.” – Kurt Watkins , Founder of Watkins ￰11￱ counsel for crypto projects and funds said once the initiative is established, there will be more transparency on the Treasury’s custody standards, key management practices, and accounting treatment for Bitcoin at the federal ￰12￱ also believes the feasibility of the Bitcoin Strategic Reserve will set a baseline for the broader crypto ￰13￱ said the House Appropriation bill builds on President Donald Trump’s executive order to create a reserve in ￰14￱ also stated that Trump’s executive order created the framework for a reserve, but didn’t elaborate on the ￰15￱ also acknowledged that the legislation suggests that Congress is moving to establish the reserve into law and that the ￰16￱ Department will be required to fill in the ￰17￱ explained that if the bill passes, the Treasury will be required to determine whether a reserve is practicable, how custody would be structured, and what legal authority it would rely ￰18￱ legal practitioner also believes the bill would seek to define what cybersecurity protections would be in place and how interagency transfers would ￰19￱ added that the legislation would seek to explain how Bitcoin and other digital assets would be booked on the government’s balance ￰20￱ seeks budget-neutral ways to acquire BTC White House AI and Crypto Czar David Sacks stated that the reserve will not cost taxpayers a ￰21￱ confirmed that the reserve will include the federal government’s Bitcoin holdings forfeited as part of criminal forfeiture proceedings.

On-chain data revealed that the ￰22￱ currently has 198,021 BTC holdings, worth around $22.9 ￰23￱ also claimed the government doesn’t plan to sell its digital assets held in the ￰24￱ said the Treasury was authorized to develop budget-neutral strategies for acquiring digital assets without any incremental costs to ￰25￱ Secretary Scott Bessent also mentioned last month that the government does not plan on acquiring more digital assets beyond its current ￰26￱ added that the reserve will continue to be funded primarily through assets seized in criminal cases rather than direct ￰27￱ also mentioned that the Treasury Department aims to explore budget-neutral pathways to acquire more BTC to expand the ￰28￱ said the initiative would be executed on Trump’s promise to make the U.

S. a global Bitcoin ￰29￱ you're reading this, you’re already ￰30￱ there with our newsletter .