Begich, Golden push bill to enshrine Bitcoin reserve

Reps. Nick Begich (R-AK) and Jared Golden (D-ME) introduced the American Reserve Modernization Act, or ARMA, on Thursday. The bill would direct the Treasury Department to create and maintain a strategic reserve of Bitcoin and to hold that Bitcoin for at least 20 years. It would also consolidate cryptocurrency holdings across federal agencies into central stockpiles.

ARMA would require a separate stockpile for other cryptocurrencies seized or acquired by the government and would call for a proof-of-reserve report to disclose holdings and their management. Seventeen lawmakers joined as original co-sponsors.

The proposal follows an executive order in May 2025 that directed creation of a strategic Bitcoin reserve. Officials have not announced any allocations for that reserve and legal work within the administration is ongoing. Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, told a conference that officials had spent months “figuring out” the legal interpretations needed to implement the reserve.

Golden described the bill as a response to inconsistent federal handling of digital assets, writing that past administrations “have auctioned [crypto] off or held it in reserve, according to the whims of the executive branch.” Begich wrote on X that ARMA would broaden the types of assets held as a national reserve and protect those holdings from changes in congressional or executive priorities.

Critics questioned using public policy to support cryptocurrency. Rep. Maxine Waters (D-CA), ranking member of the House Financial Services Committee, warned crypto “has no inherent value” and cautioned the policy could benefit political allies. Treasury Secretary Scott Bessent has ruled out direct agency purchases, reducing expectations that agencies would buy Bitcoin.

The measure appears alongside other congressional proposals on digital assets, including a separate plan by Sen. Cynthia Lummis that would direct Treasury to purchase one million Bitcoin over five years. One ARMA co-sponsor, Rep. Mike Collins (R-GA), has disclosed a personal investment in a meme coin.

ARMA has been introduced and will go to committee review, where lawmakers will debate its provisions ahead of the midterm elections.