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US lawmakers took a step on Wednesday to put US President Donald Trump’s executive order to establish a strategic Bitcoin reserve into law. The American Reserve Modernization Act of 2026 (H.R. 8957) passed the US House Committee on Financial Services in a 28-21 vote. The bill would establish a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within the Department of the Treasury for federally held Bitcoin and other digital assets acquired through criminal or civil forfeiture.“We cannot allow Bitcoin to be held by the federal government to languish in fragmented and inconsistent custody,” said US Representative Nicholas Begich, who introduced the bill on May 21. “It poses unacceptable cybersecurity risks and fails to give an adequate accounting of what the federal government actually owns.” The move brings Washington closer to making Bitcoin a lasting part of the federal government’s reserves.Related: CLARITY Act vote meets Fed rate hike: Five things to know in Bitcoin this weekThe US government is estimated to hold 324,527 Bitcoin, worth $24.7 billion at the time of writing, according to Arkham Intelligence. Under ARMA, Bitcoin in the federal government’s reserve would have to be held for a minimum of 20 years.The legislation requires all federal agencies to provide a full accounting of digital assets currently held or controlled by the federal government and establishes transparency measures, including quarterly “proof of reserve” reports and third-party audits. It would also direct a study of budget-neutral acquisition strategies for expanding the Strategic Bitcoin Reserve and allow states to store their Bitcoin in the Federal Reserve.The bill also affirms private ownership and self-custody rights of Bitcoin, describing the control of private keys as “fundamental to the principles of financial sovereignty, privacy, and personal liberty in the digital age.” Bitcoin Policy Institute executive director Connor Brown on Wednesday called it a “genuinely historic step for Bitcoin policy.”In May, Strive CEO Matt Cole called it “the single most important crypto legislation that can come out of DC.” The committee’s approval clears a hurdle for the legislation, but it still needs to pass the full House and Senate before reaching the president’s desk. Magazine: Revolut ID thefts highlight KYC’s dangers: Here’s how to fix it