U.S. House Committee To Review Reserve Modernization Bill On September 16

The U.S. House Financial Services Committee will conduct a line-by-line review of the Reserve Modernization Act on September 16. According to Foresight News, the bill was introduced on May 21 by Alaska Republican Representative Nick Begich, with Maine Democratic Representative Jared Golden as a co-sponsor. The legislation aims to consolidate digital assets held by the U.S. government and protect them as reserve assets from arbitrary disposal by Congress or future administrations. Proceeds from the sale or conversion of non-Bitcoin assets could be used to buy additional Bitcoin or reduce the national debt. The bill would also require the Treasury Department and the Commerce Department to study budget-neutral strategies for acquiring additional Bitcoin over five years, while stating that the provision does not authorize borrowing, new taxes, or deficit spending to fund purchases.