What lawmakers just released
Bitcoin Magazine says the full legislative text for H.R. 8957, the American Reserve Modernization Act of 2026, has been published on the U.S. Congress website. The bill was introduced May 21 by Rep. Nick Begich (R-AK) with co-lead Rep. Jared Golden (D-ME) and more than 20 co-sponsors, then referred to the House Committee on Financial Services.
The headline features were already known from earlier reporting: it would codify a Strategic Bitcoin Reserve into federal law and consolidate federally held bitcoin under Treasury oversight, building on President Trump’s March 2025 executive order. The published text, per Bitcoin Magazine, adds concrete custody rules, transparency requirements, and acquisition guardrails.
The 20-year lock-up rule is the core mechanism
Bitcoin Magazine highlights one central provision. Any BTC deposited into the Strategic Bitcoin Reserve would face a mandatory 20-year holding period.
During that window, the bill bars the reserve holdings from being “sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose.” Bitcoin seized through criminal or civil forfeiture is treated differently in a key way. The bill designates that forfeiture category as “qualifying Bitcoin,” and Bitcoin Magazine reports that the lock-up clock resets with each new deposit.
The practical consequence is straightforward. If qualifying Bitcoin gets transferred into the reserve, it is effectively quarantined for two decades after that transfer, not at some earlier point in the seizure timeline.
After the 20-year period, Bitcoin Magazine says the Treasury Secretary may recommend offloading no more than 10% of reserve assets in any two-year window. Those recommendations would also be subject to Congressional review.
Quarterly proof-of-reserves with outside oversight
Bitcoin Magazine also points to a transparency stack that goes beyond typical “reporting to Congress” language.
The bill would require a “Proof of Reserve” system with quarterly public cryptographic attestations of all holdings. Bitcoin Magazine adds that the framework also calls for independent third-party audits and oversight by the Comptroller General.
It’s a notable design choice for a federal program. The bill, as described by Bitcoin Magazine, aims to make reserve verification continuous and publicly checkable via cryptographic attestations.
Separate treatment for non-Bitcoin assets
Federal holdings that are not bitcoin are handled via a second bucket. Bitcoin Magazine says the bill would require non-bitcoin digital assets acquired by the government, such as Ethereum or other forfeited cryptocurrencies, to be held in a separate “Digital Asset Stockpile.”
If those assets are disposed of, Bitcoin Magazine reports the proceeds must be directed toward expanding the bitcoin reserve or reducing the national debt.
Acquisition limits and “no borrowing, no taxes” language
The acquisition rules attempt to prevent the program from turning into a deficit-funded bitcoin shopping cart.
Bitcoin Magazine says the bill explicitly prohibits the government from using new borrowing, new taxes, or deficit spending to acquire BTC. Instead, it directs the Treasury and Commerce Departments to study budget-neutral acquisition pathways within 180 days of enactment.
Bitcoin Magazine lists the study items included in that mandate. They cover conversion of non-bitcoin stockpile assets, Federal Reserve surplus remittances, and gold certificate revaluations.
Voluntary state participation, plus a stated boundary on seizures
Bitcoin Magazine says the bill opens a voluntary state participation program. States could store their own BTC holdings in segregated Treasury accounts.
The same section, according to Bitcoin Magazine, affirms that no provision should be read to authorize seizure of privately held bitcoin.
Where it stands next
Bitcoin Magazine reports the bill is awaiting action in the House Financial Services Committee. That matters because the published text still needs to survive the committee process before any “permanently codify” language becomes reality.
Key provisions cited by Bitcoin Magazine
| Area | What H.R. 8957 would require (as described) |
|---|---|
| Lock-up | 20-year holding period on BTC deposited into the Strategic Bitcoin Reserve |
| Disposal during lock-up | No “sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose” |
| Forfeiture transfers | “Qualifying Bitcoin” gets a reset clock upon deposit |
| Post-lock-up selling | Treasury may recommend offloading up to 10% of reserve assets in any two-year window, with Congressional review |
| Transparency | Quarterly public cryptographic proof-of-reserves |
| Audits and oversight | Independent third-party audits and Comptroller General oversight |
| Non-bitcoin digital assets | Held in a separate “Digital Asset Stockpile” |
| Proceeds use | Disposition proceeds go to expand the bitcoin reserve or reduce national debt |
| Acquisition funding | No new borrowing, new taxes, or deficit spending for BTC |
| Acquisition method study | Treasury and Commerce study budget-neutral pathways within 180 days |
| State involvement | Voluntary state participation with segregated Treasury accounts |
| Seizure boundary | Says it cannot be construed to authorize seizure of privately held bitcoin |