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Crypto

U.S. bitcoin reserve design stalls amid authority dispute and congressional void

The United States’ plan for a strategic bitcoin reserve has yet to be finalised after 16 months, as the Treasury and Commerce departments vie for control and questions persist over Treasury’s legal authority. The White House says it has not decided on a final structure, while officials argue an executive order alone cannot advance the effort without legislation. A bill to codify the plan and acquire 1 million bitcoin over five years has not moved forward.

Crypto

U.S. lawmaker proposes bill to hold seized bitcoin as reserve asset

A bill is being pursued in the U.S. Congress that would require the federal government to hold bitcoin seized in law enforcement operations instead of auctioning it. Republican Representative Nick Begich said the proposal, called the American Reserve Asset Modernization Act, aims to replace the practice of immediate sales. He argued bitcoin could serve as a reserve asset because of scarcity and a dispersed ownership base, and described it as insurance against potential dollar depreciation.

Crypto

U.S. strategic bitcoin reserve bill takes shape with quarterly reserve proof, external audits mandated

The full text of a U.S. bill on a strategic bitcoin reserve, H.R. 8957, has been released, detailing a structure that effectively locks up federal bitcoin for 20 years. The bill mandates quarterly public cryptographic “proof of reserves” for all government-held bitcoin, along with independent third-party audits and oversight by the inspector general. It also sets limits on disposals and bars using new borrowing, new taxes or deficit spending to acquire bitcoin.