The complete legislative text for bitcoin-favorite bill H.R. 8957, the American Reserve Modernization Act of 2026, has been made public on the U.S. Congress website, offering lawmakers, industry stakeholders, and the public their first detailed look at the mechanics behind a bill that would permanently codify a Strategic Bitcoin Reserve into federal law.
The bill, introduced May 21 by Rep. Nick Begich (R-AK) alongside co-lead Rep. Jared Golden (D-ME) and more than 20 co-sponsors, was referred to the House Committee on Financial Services upon introduction.
After that period, the Treasury Secretary may recommend offloading no more than 10% of reserve assets during any two-year window, subject to Congressional review.
Proof of Reserves for U.S. Bitcoin
The full text also mandates a “Proof of Reserve” system requiring quarterly public cryptographic attestations of all holdings, independent third-party audits, and Comptroller General oversight — a level of on-chain transparency unprecedented for a federal financial program.
Non-Bitcoin digital assets acquired by the government, such as Ethereum or other forfeited cryptocurrencies, would be held in a separate Digital Asset Stockpile, with proceeds from any dispositions directed toward expanding the Bitcoin reserve or reducing the national debt.
Perhaps notably, the bill explicitly prohibits the government from using any new borrowing, new taxes, or deficit spending to acquire BTC.
Instead, it directs the Treasury and Commerce Departments to jointly study budget-neutral acquisition pathways within 180 days of enactment — including conversion of non-Bitcoin stockpile assets, Federal Reserve surplus remittances, and gold certificate revaluations.
The bill also opens a voluntary state participation program, allowing states to store their own BTC holdings in segregated Treasury accounts, while affirming that no provision may be construed to authorize seizure of privately held Bitcoin.
The bill now awaits action in the House Financial Services Committee.