U.S. House Appropriations Bill Seeks Feasibility Study for Strategic Bitcoin Reserve
Two sections of a U.S. House appropriations bill filed Friday seek to require the Treasury Department to study the feasibility of a Strategic Bitcoin Reserve and outline custody, cybersecurity, and accounting for government-held digital assets.
Overview of the Bill
Reported by Representative David Joyce (R-OH), the bill was approved by the House Appropriations Committee and placed on the Union Calendar for House measures involving spending and revenue.
The congressman’s press office did not immediately respond to comments requested by Decrypt.
Key Provisions
Lawmakers want the Treasury to determine the feasibility of a Strategic Bitcoin Reserve and outline governance aspects such as custody, cybersecurity, legal authority, and interagency coordination.
Section 137 focuses on the practicability of establishing a Strategic Bitcoin Reserve and United States Digital Asset Stockpile, including its impact on the Treasury Forfeiture Fund and asset transfer authorities.
Section 138 requires a 90-day plan for custody architecture, legal authorities, cybersecurity protocols, and interagency procedures for federal government-held digital assets.
Industry Implications
If passed, the Treasury would define custody standards, key management practices, and accounting treatment for Bitcoin at the federal level, potentially setting a baseline for the broader industry.
These provisions build on President Trump’s executive order from March, which created the Strategic Bitcoin Reserve concept.
Enshrining the Reserve into Law
The bill signals Congress’s move to enshrine the Strategic Bitcoin Reserve into law, requiring the Treasury Department to provide detailed operational and legal frameworks.
Treasury will need to determine the feasibility of the reserve, define custody structures, establish legal authorities, implement cybersecurity measures, facilitate interagency transfers, and manage digital asset accounting on the government’s balance sheet.
Next Steps
The bill awaits consideration on the House floor, with its progress tied to wider negotiations over federal spending.