Senator Cynthia Lummis renewed efforts to establish a U.S. Strategic Bitcoin Reserve on Wednesday, following the CLARITY Act’s failure to advance in the Senate on September 15. House lawmakers meanwhile advanced legislation covering digital assets.
House Considers Bitcoin Reserve
The House Financial Services Committee scheduled H.R. 8957, known as the American Reserve Modernization Act, for a markup. Lummis said the committee was reviewing her reserve proposal.
Related: What the CLARITY Act Senate Failure Means for BTC as $75K Support Faces Test
The bill would place government-held Bitcoin under Treasury Department oversight and require the government to hold the assets for at least 20 years. The reserve would also face proof-of-reserve attestations, audits and regular reporting.
The House measure differs from Lummis’ Senate BITCOIN Act. Her proposal would direct the Treasury to acquire up to 1 million Bitcoin over five years through scheduled purchases.
Crypto Tax Rules Also Advance
Meanwhile, the Ways and Means Committee scheduled H.R. 10357, the Digital Asset Tax Certainty Act, for markup.
The bill would clarify the tax treatment of digital assets, including provisions covering mining, staking, network fees, donations and reporting.
The committee actions put proposed Bitcoin reserve and crypto tax measures before lawmakers. Both bills would still need approval from the House and Senate before being sent to the president.
Related: CLARITY Act Fails in Senate: What It Means for Crypto Regulation, Bitcoin and Investors Now
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