[DigitalToday reporter Yoonseo Lee (이윤서)] The full text of the strategic bitcoin reserve bill (H.R. 8957) introduced in the U.S. Congress has been released, detailing a structure that effectively locks up bitcoin held by the federal government for 20 years and a quarterly proof-of-reserves requirement.

On June 8 (local time), blockchain media outlet Bitcoin Magazine reported that the bill includes provisions to permanently incorporate the strategic bitcoin reserve plan into federal law.

The released bill is titled the “2026 U.S. Reserve Modernization Act,” and its bill number is H.R. 8957. It was introduced on May 21 by Representative Nick Begich, with Representative Jared Golden and more than 20 co-sponsors participating. The bill was referred to the House Financial Services Committee immediately after being introduced.

The core of the bill is a requirement to hold bitcoin included in the reserve over the long term. All bitcoin deposited into the strategic bitcoin reserve cannot be disposed of in any manner for 20 years, including by sale, exchange, auction or collateralisation. Bitcoin obtained through criminal or civil forfeiture procedures is classified as “eligible bitcoin,” and each time it is moved into the reserve, the 20-year holding period starts again.

Disposals remain restricted even after 20 years. After congressional review, the Treasury secretary can recommend sales only within a limit of no more than 10 percent of total reserve assets over a two-year period. The structure is intended to lock bitcoin in as a long-term holding asset rather than a short-term operating asset.

The bill also includes federal-level transparency mechanisms. It mandates a “proof of reserves” system requiring quarterly public cryptographic verification for all bitcoin held by the government. It also includes an independent third-party audit and oversight by the inspector general.

Digital assets other than bitcoin are managed as a separate reserve. Non-bitcoin digital assets such as ethereum obtained by the government are to be stored separately in a “digital asset reserve,” and proceeds from their disposal are to be used to expand the bitcoin reserve or reduce national debt. The structure places bitcoin at the centre and uses other digital assets as supplemental resources.

The bill also places limits on funding sources for government bitcoin acquisition. It explicitly prohibits using new borrowing, new taxes, or deficit spending in the process of acquiring bitcoin. Instead, it requires the Treasury Department and the Commerce Department to jointly review budget-neutral acquisition pathways within 180 days after the law takes effect. Items subject to review include converting reserve assets other than bitcoin, Federal Reserve surplus remittances and revaluing gold certificates.

It also includes provisions for participation by state governments. Each state can keep its own bitcoin holdings in a segregated account at the Treasury Department. It also specifies that no provision should be interpreted as a basis for allowing seizure of bitcoin held by the private sector. This amounts to specifying both expansion of government reserves and protection of private property rights.

The bill shows that the strategic bitcoin reserve will go beyond a simple executive order and sets out what custody rules, disposal restrictions and disclosure obligations it will have. The bill is based on U.S. President Donald Trump's executive order of March 2025, but it writes into law broader safeguards on custody, auditing and acquisition restrictions than the order.

The bill is currently awaiting follow-up procedures at the House Financial Services Committee. Future issues are expected to focus on the long-term lock-up of government-held bitcoin, the proof-of-reserves requirement, and how to design in practice budget-neutral pathways to expand the reserve without borrowing or tax increases.