The U.S. Reserve Modernization Act Passes House Committee on Financial Services

TechFlow reports: On September 17, the U.S. House Financial Services Committee voted 28 to 21 to pass H.R. 8957, the American Reserve Modernization Act, introduced by Representative Nick Begich. The bill would establish the legal status of a "strategic Bitcoin reserve," stipulate that Bitcoin held by the federal government be custodied by the Treasury Department, and require a holding period of at least 20 years. The legislation has been submitted to the full House for consideration, but no floor vote has been scheduled.