- The CLARITY Act field hearing convenes July 17, 2026, in New York, examining a Strategic Bitcoin Reserve.
- Witnesses include Sarah Aberg (Nova Labs), Randi Abernethy (Bullish), Ryan Louvar (WisdomTree), and Jason Somensatto (Coin Center).
- The American Reserve Modernization Act (ARMA) aims to consolidate federal Bitcoin holdings, lock reserves for 20 years, and enhance transparency.
The U.S. House Subcommittee on Digital Assets convenes a field hearing on July 17, 2026, to review the CLARITY Act and the proposed Strategic Bitcoin Reserve. Key witnesses from both crypto and traditional finance will provide insight on centralized federal digital asset custody, transparency measures, and long-term reserve management.
Notably, the hearing also examines the American Reserve Modernization Act (ARMA), which seeks to lock Bitcoin reserves for two decades and consolidate non-Bitcoin assets. This session highlights the evolving framework for U.S. cryptocurrency oversight and federal financial strategy.
Field Hearing Overview
The U.S. House Financial Services Committee’s Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence held a field hearing on Friday, July 17, 2026, in New York.
Even so, the session, titled “Building the Future of Finance: How the CLARITY Act Unlocks Innovation,” focused on regulatory proposals for cryptocurrency and digital assets, including the establishment of a Strategic Bitcoin Reserve under the American Reserve Modernization Act (ARMA, H.R. 8957).
Confirmed witnesses included Sarah Aberg, Chief Legal Officer at Nova Labs Inc.; Randi Abernethy, Head of Clearing and Group Risk at Bullish; Ryan Louvar, Chief Legal Officer at WisdomTree; and Jason Somensatto, Director of Policy at Coin Center. The hearing explored the legal framework and operational mechanics of consolidating federal Bitcoin and digital asset holdings.
Key Provisions of ARMA
Introduced by Congressman Nick Begich (AK-AL) with co-lead Congressman Jared Golden (ME-02), ARMA proposes a Strategic Bitcoin Reserve within the U.S. Department of the Treasury. The legislation requires Bitcoin held in the reserve to remain locked for at least 20 years, with subsequent sales capped at 10% over two years.
The bill centralizes custody of federal digital assets, consolidating holdings previously managed across multiple agencies. A separate digital asset stockpile would secure non-Bitcoin assets, including Ethereum, acquired through lawful proceedings. ARMA mandates quarterly “Proof of Reserve” reports, independent third-party audits, and congressional oversight.
Related: SEC Proposes E-Delivery Rule to Modernize Investor Information Access
Political Context and Congressional Review
Meanwhile, president Donald Trump publicly urged Congress to pass the CLARITY Act, noting its role in advancing the U.S. as a global crypto hub. CLARITY Act approval odds have dropped to 31% on Polymarket, down from 74% in May 2026, reflecting legislative pushback from Democrats and law enforcement.
Ethical concerns include potential conflicts of interest for senior government officials with crypto holdings, highlighted after Trump’s 2025 disclosure showing $1.2 billion in crypto-related income.
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