House Committee Advances US Bitcoin Reserve Bill on Party-Line Split

The House Financial Services Committee reported H.R. 8957 favorably by a 28-21 vote. It is a party-line split: all Republicans voted in favor, and all Democrats voted against. The text that moved forward is narrower than the version Rep. Nick Begich (R-AK) introduced in May.

Committee chairman French Hill (R-AR) described the measure as "a common-sense measure that brings digital assets held across federal agencies under Treasury custody and consistent oversight." The bill grants the Treasury 180 days to stand up a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile. That timeline is confirmed by secondary documentation. Agencies are required to report their assets to the government within 60 days.

The substitute adopted by voice vote removes the most ambitious funding ideas. The original text directed a study of acquiring Bitcoin using "discretionary surplus remittances from Federal Reserve Banks or revaluation of gold certificates held by the Federal Reserve Banks." The new version cuts all of that. It leaves only asset swaps, forfeitures, and cooperative programs with states. Proof-of-reserve reporting drops from quarterly to annual. Forked or airdropped assets must be held for one year rather than five.

The bill authorizes no new purchases. It orders the Treasury and Commerce to evaluate if additional acquisitions can proceed at no expense to taxpayers within 180 days. It explicitly bars "any borrowing or other financing." Treasury Secretary Scott Bessent has separately ruled out agency purchases. Once deposited, no Bitcoin could be "sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose" for 20 years.

An amendment from ranking member Maxine Waters (D-CA) aimed to bar the president and members of Congress from holding controlling stakes in digital assets or taking "direct or indirect compensation, including fees, for the sale, marketing, or mining" of one. That amendment failed on the same 21-28 line.

The bill must still clear the full House. No companion has passed the Senate.