Rep. Begich plans revival of bitcoin strategic reserve bill under new name to codify Trump’s executive order

Representative Nick Begich plans to reintroduce legislation aimed at establishing a strategic bitcoin reserve in the United States. The bill, previously known as the BITCOIN Act, will be rebranded as the American Reserves Modernization Act (ARMA) to garner broader support. Begich stated that the renaming is crucial for ensuring understanding of the bill's objective: to treat bitcoin as a reserve asset. This initiative builds upon a previous bill co-introduced with Senator Cynthia Lummis, which sought to establish bitcoin as a strategic reserve asset, mirroring the country's gold reserves, and proposed acquiring one million bitcoin over five years through budget-neutral strategies. Begich indicated that the revived bill includes updates and emphasizes holding bitcoin for extended periods, allowing for the consolidation of existing government-held bitcoin into a responsible, reserve-status custody. He also highlighted the importance of codifying such a reserve to ensure its stability regardless of future administrations' stances on digital assets.

(Source：The Block)