United States Bitcoin Strategic Reserve Bill Advances

The United States bitcoin:native Strategic Reserve Bill H.R.8957 will be reviewed by the House Financial Services Committee on September 16 (Beijing time, September 17). The probability of this review passing is quite high.

However, although the bill already has 23 co-sponsors and includes participation from Democratic lawmakers, it still needs to pass both the full House and the Senate after the committee's approval, before being submitted for the President's signature. If the Senate encounters obstruction, it usually requires 60 votes to end the debate (similar to the recently concluded Clear Act), and currently, there is no evidence to suggest that these votes have been consolidated.

This bill also sets relatively modest requirements for new coin purchases. Article Nine requires the Treasury Department and the Department of Commerce to study how to increase BTC holdings within 180 days of the bill’s enactment without adding to the fiscal burden, without specifying the quantity and timing of purchases.

An alternative amendment submitted on September 14 clarifies that this is a provision that does not authorize new borrowing, taxation, or deficit spending for purchasing coins. It can be interpreted as selling other seized assets to buy BTC; that is roughly the idea, though there are other possible interpretations.

For BTC, if the bill ultimately passes, it would definitely be a 100% positive development, as it would be the first time a developed country has designated Bitcoin as a national-level strategic reserve. However, the actual feasibility remains uncertain and largely depends on the support of Democratic lawmakers.

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