May 21, 2026
Mr. Begich (for himself, Mr. Golden of Maine, Mr. Van Epps, Mr. Owens, Mr. Carey, Mr. Carter of Georgia, Mr. Moore of Alabama, Mr. Harrigan, Mr. Rulli, Mrs. Miller-Meeks, Mr. Hamadeh of Arizona, Mr. Lawler, Mr. Haridopolos, Mr. Collins, Mr. Taylor, Mr. Moore of West Virginia, Mr. Moore of North Carolina, Mr. Evans of Colorado, Mr. Cline, Mr. McDowell, Mr. Ogles, and Mr. Fong) introduced the following bill; which was referred to the Committee on Financial Services
To establish a Strategic Bitcoin Reserve and other programs to ensure the transparent management of Bitcoin holdings of the Federal Government, to offset costs utilizing certain resources of the Federal Reserve System, and for other purposes.
Section 1. Short title
This Act may be cited as the American Reserve Modernization Act of 2026
.
Sec. 2. Findings
Congress finds the following:
(1)
The global financial landscape is rapidly evolving, with digital assets playing an increasingly significant role in the world economy.
(2)
Bitcoin has demonstrated resilience, widespread adoption, and served as a medium of exchange and a store of value for more than a decade.
(3)
Just as gold reserves have historically served as a cornerstone of national financial security, Bitcoin represents a digital-age asset capable of enhancing the financial leadership and security of the United States in the 21st century global economy.
(4)
Bitcoin, as a decentralized and finitely scarce digital asset, offers unique properties that could complement existing national reserves, potentially strengthening the position of the United States dollar in the global financial system.
(5)
Diversification of the national assets of the United States to include Bitcoin could enhance financial resilience and position the United States at the forefront of global financial innovation.
Sec. 3. Definitions
In this Act:
(1) Airdrop
The term airdrop
means a distribution of digital assets to holders of Bitcoin in a broad, equitable, and non-discretionary manner.
(2) Digital asset
The term digital asset
means any digital representation of value that is recorded on a cryptographically secured distributed ledger.
(3) Fork
The term fork
means a change to the consensus mechanism of a distributed ledger that creates a separate ledger, resulting in a new digital asset that shares a common transaction history with Bitcoin up to the point of divergence.
(4) Qualifying bitcoin
The term qualifying Bitcoin
means Bitcoin that was finally forfeited as part of criminal or civil asset forfeiture proceedings or in satisfaction of any civil money penalty imposed by any executive department or agency and that is not needed to satisfy requirements under section 9705 of title 31, United States Code.
(5) Secretary
The term Secretary
means the Secretary of the Treasury.
Sec. 4. Establishment of Strategic Bitcoin Reserve and Digital Asset Stockpile
(a) Establishment
(1) Strategic Bitcoin Reserve
The Secretary shall, not later than 180 days after the date of enactment of this Act, establish a secure Bitcoin storage facility within the Department of Treasury for the United States, to be known as the Strategic Bitcoin Reserve, for the safekeeping of qualifying Bitcoin holdings.
(2) Digital asset stockpile
The Secretary shall, not later than 180 days after the date of enactment of this Act, establish and administer a separate structure within the Department of the Treasury, to be known as the Digital Asset Stockpile, for the custody, management, and disposition of non-Bitcoin digital assets held by the Federal Government.
(b) Oversight
The Secretary shall be responsible for the ongoing monitoring and auditing of the holdings of the Strategic Bitcoin Reserve and the Digital Asset Stockpile.
(c) Security measures
(1) In general
The Secretary shall implement physical security and cybersecurity measures, using commercially reasonable and technologically appropriate standards, to protect the qualifying Bitcoin and non-Bitcoin digital assets in Strategic Bitcoin Reserve and the Digital Asset Stockpile.
(2) Consultation
The Secretary shall consult and collaborate with the Secretary of Defense, the Secretary of Homeland Security, and industry experts to ensure the highest level of physical security and cybersecurity for the Strategic Bitcoin Reserve and the Digital Asset Stockpile.
(d) Management of assets
(1)
All qualifying Bitcoin acquired by the Federal Government shall be deposited in the Strategic Bitcoin Reserve.
(2)
All other digital assets acquired by the Federal Government shall be deposited in the Digital Asset Stockpile.
(3)
The Secretary shall have discretion to manage the Digital Asset Stockpile, including through sale, exchange, or conversion of non-Bitcoin assets, provided that—
(A)
proceeds from such disposition shall be used exclusively to increase the holdings of the Strategic Bitcoin Reserve, or otherwise reduce the national debt; and
(B)
all transactions shall be conducted in a transparent and accountable manner consistent with Section 6 (Proof of Reserve System).
(e) Retention of forks and airdrops
(1) In general
The Secretary shall ensure that, with respect to assets controlled by the Strategic Bitcoin Reserve and the Digital Asset Stockpile, all digital assets resulting from forks or airdrops to blockchain addresses under the Government’s control are accounted for and reasonably stored in the Strategic Bitcoin Reserve or Digital Asset Stockpile, as applicable.
(2) Prohibition on immediate sale
No digital asset stored in the Strategic Bitcoin Reserve or Digital Asset Stockpile that is the result of a fork or airdrop may be sold or otherwise disposed of during the 5-year period beginning on the date of the fork or airdrop, unless explicitly authorized by law.
(3) Evaluation and disposition after the holding period
(A) Market capitalization assessment
Upon the expiration of the 5-year holding period described in paragraph (2), the Secretary shall conduct an assessment to determine which digital asset resulting from a fork has the highest publicly traded market capitalization.
(B) Retention of dominant asset
The Secretary shall retain the digital asset with the highest publicly traded market capitalization that resulted from the fork.
(C) Disposition of non-dominant assets
The Secretary may sell, auction, or otherwise dispose of any digital assets resulting from the fork other than the asset identified pursuant to subparagraph (B), with the proceeds from such disposition to be deposited in the general fund of the Treasury.
(D) Exception for novel utility
If the Secretary, in consultation with the Secretary of Commerce and industry experts, determines that a non-dominant forked asset possesses novel technological utility or strategic value to the United States distinct from the dominant asset, the Secretary may recommend to Congress the retention of such asset, notwithstanding subparagraph (C).
(f) Regulatory authority
(1) In general
To ensure the effective implementation and administration of this Act, the Secretary is authorized to issue regulations, promulgate rules, and adopt internal procedures consistent with the purposes and provisions of this Act. Such regulations may include, but are not limited to, rules governing custody protocols, interagency coordination, digital asset accounting standards, and public reporting requirements.
(2) Sales of qualifying bitcoin
(A) In general
If the Secretary makes a determination under subsection (a) or subsection (b) that it is in the interest of the United States to sell qualifying Bitcoin held in the Reserve, the Secretary may only sell such qualifying Bitcoin if—
(i)
the Secretary issues a rule that establishes a process through which the United States shall sell such qualifying Bitcoin; and
(ii)
the Secretary sells the qualifying Bitcoin in accordance with such rule.
(B) Priorities
The Secretary shall prioritize transparency and the minimization of market disruption when establishing any process through which the United States will sell qualifying Bitcoin held in the Reserve.
(C) Required disclosures
Any process established by rule under subparagraph (A) through which the United States shall sell qualifying Bitcoin held in the Reserve shall include a public disclosure of—
(i)
the sale schedule for such qualifying Bitcoin;
(ii)
the quantity of qualifying Bitcoin to be sold; and
(iii)
any additional information the Secretary determines appropriate to publicly disclose.
Sec. 5. Reserve asset holding requirements
(a) Minimum holding period
To ensure the long-term stability and security of the Strategic Bitcoin Reserve, the Secretary shall hold all Bitcoin acquired by the United States and deposited in the Strategic Bitcoin Reserve, regardless of acquisition method, for not less than 20 years from the date of enactment of this act; after the date of enactment of this Act, the Secretary shall hold all Bitcoin acquired by the United States and deposited in the Strategic Bitcoin Reserve, regardless of acquisition method, for not less than 20 years from the date of deposit in the Strategic Bitcoin Reserve.
(b) Retention of bitcoin
During the minimum holding period under subsection (a), no Bitcoin held in the Strategic Bitcoin Reserve may be sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose.
(c) Recommendations after holding period
(1) In general
On the date that is 2 years before the end of the minimum holding period under subsection (a), the Secretary shall submit to Congress recommendations on whether to continue to voluntarily hold or to allow for the gradual and controlled release of a portion of the holdings of the Strategic Bitcoin Reserve.
(2) Recommendation
Upon the expiration of the minimum holding period, the Secretary may recommend selling up to 10 percent of the assets of the Strategic Bitcoin Reserve during any 2-year period.
(3) Considerations
When making the recommendation under paragraph (2), the Secretary shall consider—
(A)
the potential impact on the national deficit of selling qualifying Bitcoin held in the Reserve;
(B)
the long-term viability of Bitcoin as a strategic investment of the United States;
(C)
the potential effects on the Bitcoin market and other digital asset markets of selling qualifying Bitcoin held in the Reserve;
(D)
how the level of diversification of the assets held by the United States could be impacted by selling qualifying Bitcoin held in the Reserve; and
(E)
how the financial position and resilience of the United States could be impacted by selling qualifying Bitcoin held in the Reserve.
(d) Study To sell before minimum holding period
Not later than 1 year after the date of the enactment of this Act, the Secretary shall submit to the Congress a study which describes—
(1)
appropriate conditions in which to sell qualifying Bitcoin before the minimum holding period described in subsection (a); and
(2)
any exceptions that the Secretary finds appropriate to the minimum holding period described in subsection (a), including for national security and financial stability purposes.
Sec. 6. Proof of reserve system
To ensure transparency and accountability in the management of the Strategic Bitcoin Reserve, the Secretary shall establish an ongoing Proof of Reserve system of public cryptographic attestation under which—
(1)
the Secretary shall—
(A)
publish quarterly reports on the Strategic Bitcoin Reserve that include detailed information on the total holdings, transactions, and demonstrated control of private keys relating to the Strategic Bitcoin Reserve, including a public cryptographic attestation;
(B)
make the quarterly reports available to the public on an official website of the Department of Treasury; and
(C)
select an independent, third-party auditor with expertise in cryptographic attestations to verify the accuracy and integrity of the quarterly reports; and
(2)
the Comptroller General of the United States shall, to ensure compliance with this Act, conduct regular oversight of—
(A)
the Strategic Bitcoin Reserve;
(B)
the quarterly reports under paragraph (1)(A); and
(C)
the audits under paragraph (1)(C).
Sec. 7. Consolidation of government bitcoin and digital asset holdings
(a) Temporary custody and inventory
(1)
Within 60 days after the date of enactment of this Act, the head of each Federal agency shall provide to the Secretary a complete accounting of all Bitcoin and any other digital assets held, seized, or otherwise under the control of such agency.
(2)
Until the Strategic Bitcoin Reserve and Digital Asset Stockpile have been fully established and certified operational pursuant to section 4(a), each Federal agency shall retain custody of its Bitcoin holdings in accordance with existing law, including any physical or cybersecurity protections, subject to the prohibition in subsection (b).
(b) Prohibition on sale or encumbrance
No Bitcoin under the control of any Federal agency may be sold, swapped, auctioned, encumbered, or otherwise disposed of during the interim period preceding the operational certification of the Strategic Bitcoin Reserve, except—
(1)
for purposes of national security; or
(2)
as required by a court of competent jurisdiction or to return assets to identifiable victims of crime.
(c) Transfer to Strategic Bitcoin Reserve or Digital Asset Stockpile
(1)
Upon certification by the Secretary that the Strategic Bitcoin Reserve and Digital Asset Stockpile is fully operational and capable of secure custody, all Bitcoin and other digital asset holdings of any Federal agency shall be transferred to the Strategic Bitcoin Reserve or Digital Asset Stockpile, as applicable, within 30 days.
(2)
Transfers under this subsection shall be executed under secure custody procedures established by the Secretary to ensure the integrity, traceability, and full auditability of all Bitcoin and other digital assets transferred.
Sec. 8. Voluntary state participation and segregated accounts
(a) Voluntary state participation
The Secretary shall establish a program that allows a State to voluntarily participate in storing the Bitcoin holdings of the State in the Strategic Bitcoin Reserve in a segregated account.
(b) Participation requirements
A State choosing to participate in the program established under subsection (a) shall sign a contractual agreement outlining the terms and conditions of participation, which shall include—
(1)
the responsibilities of both the State and the Strategic Bitcoin Reserve in managing and securing the Bitcoin holdings of the State in the segregated account of the State;
(2)
a requirement that the State, in coordination with the Secretary, develop and implement appropriate security protocols and access controls to ensure the integrity and confidentiality of the segregated account of the State; and
(3)
retention of title, and all attendant legal interests, by the State in the Bitcoin held in the segregated account, including title to any digital asset that is the result of a fork or airdrop relating to such Bitcoin.
(c) Withdraw or transfer
Each State participating in the program established under subsection (a) shall have the right to withdraw or transfer the contents of the segregated account of the State within the Strategic Bitcoin Reserve, subject to the terms and conditions in the signed contractual agreement under subsection (b) and any applicable Federal regulations.
(d) Limitation of liability
Any agreement entered into under subsection (b) shall include an explicit acknowledgment by the State that digital asset custody carries inherent risks that cannot be eliminated completely, and that the State assumes all risks associated with the voluntary placement of its digital assets in the Strategic Bitcoin Reserve.
Sec. 9. Study on budget neutral strategies for bitcoin acquisition
(a) Study
The Secretary of the Treasury and the Secretary of Commerce shall jointly study, within 180 days after the date of enactment of this Act, the risks, costs, and potential benefits of the acquisition of additional bitcoin over the next 5 years, to be held within the Strategic Bitcoin Reserve, and whether it is possible for such acquisition to be performed in a budget neutral manner that does not, in practice, increase the national debt nominally or economically.
(b) Objectives
The study under subsection (a) shall—
(1)
evaluate whether there are lawful, budget-neutral mechanisms, by which the United States may acquire Bitcoin;
(2)
identify and evaluate the full cost of acquisitions, nominally and economically, of bitcoins through mechanisms including—
(A)
conversion of non-Bitcoin digital assets held in the Digital Asset Stockpile;
(B)
structured acquisition funded by discretionary surplus remittances from Federal Reserve Banks or revaluation of gold certificates held by the Federal Reserve Banks;
(C)
receipt of Bitcoin through civil or criminal forfeiture proceedings, penalties, or settlements;
(D)
tax payments, tariff revenues, voluntary contributions, bequests, or gifts made to the United States; or
(E)
cooperative programs with States, private entities, or international partners for Bitcoin acquisition or custody; and
(3)
identify whether any such acquisitions could be budget-neutral, meaning they do not require new appropriations or impose net costs on United States taxpayers or the Federal Government and its agencies or increase the national debt nominally or economically.
(c) Reporting and transparency
The Secretary of the Treasury and the Secretary of Commerce shall submit to the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate and the Committees on Financial Services and Ways and Means of the House of Representatives—
(1)
an initial study within 180 days after enactment; and
(2)
annual updates thereafter detailing new findings.
Each annual report shall include a detailed accounting of projected bitcoin acquisitions’ full costs and benefits to United States taxpayers and the Federal Government and its agencies and to the national debt nominally and economically.
(d) Limitation
Nothing in this section shall be construed to authorize any borrowing, new taxation, or deficit spending for the purpose of acquiring Bitcoin.
Sec. 10. Protection of private property rights
(a) Rules of construction
Nothing in this Act shall be construed to—
(1)
authorize the Federal Government to seize, confiscate, or otherwise impair any property right in the lawfully acquired Bitcoin holdings of any person;
(2)
infringe upon the rights of individuals, businesses, or organizations to purchase, hold, transfer, or dispose of Bitcoin in accordance with the law; or
(3)
otherwise affect the functions of the director of the Office of the Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) Affirmation of rights
This Act affirms and protects the rights of persons to maintain full lawful control over the Bitcoin and other digital assets of those individuals, recognizing that the ability to maintain self-custody of private keys is fundamental to the principles of financial sovereignty, privacy, and personal liberty in the digital age.
Sec. 11. Modification of exchange stabilization fund
Section 5302(c) of title 31, United States Code, is amended—
(1)
in paragraph (1), by inserting , including a detailed accounting of any Bitcoin transactions and holdings
after all projected liabilities
; and
(2)
in paragraph (2), by inserting , including a specific accounting of any Bitcoin acquired, sold, or held by the fund during year preceding the report
after on the operation of the fund
.