I
119THCONGRESS
1
STSESSION H. R. 2032
To establish a Strategic Bitcoin Reserve and other programs to ensure the
transparent management of Bitcoin holdings of the Federal Government,
to offset costs utilizing certain resources of the Federal Reserve System,
and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
MARCH11, 2025
Mr. B
EGICH(for himself, Mr. MCDOWELL, Mr. HARRIGAN, Mr. RULLI, Mr.
N
EHLS, Mr. TAYLOR, and Mr. COLLINS) introduced the following bill;
which was referred to the Committee on Financial Services
A BILL
To establish a Strategic Bitcoin Reserve and other programs
to ensure the transparent management of Bitcoin hold-
ings of the Federal Government, to offset costs utilizing
certain resources of the Federal Reserve System, and
for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Boosting Innovation, 4
Technology, and Competitiveness through Optimized In-5
vestment Nationwide Act of 2025’’ or the ‘‘BITCOIN Act 6
of 2025’’. 7
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SEC. 2. FINDINGS. 1
Congress finds the following: 2
(1) The global financial landscape is rapidly 3
evolving, with digital assets playing an increasingly 4
significant role in the world economy. 5
(2) Bitcoin has demonstrated resilience, wide-6
spread adoption, and served as a medium of ex-7
change and a store of value for more than a decade. 8
(3) Just as gold reserves have historically 9
served as a cornerstone of national financial secu-10
rity, Bitcoin represents a digital-age asset capable of 11
enhancing the financial leadership and security of 12
the United States in the 21st century global econ-13
omy. 14
(4) The acquisition and long-term storage of 15
substantial quantities of Bitcoin by the United 16
States can strengthen the financial condition of the 17
United States, providing a hedge against economic 18
uncertainty and monetary instability. 19
(5) Bitcoin, as a decentralized and finitely 20
scarce digital asset, offers unique properties that 21
complement existing national reserves, strengthening 22
the position of the United States dollar in the global 23
financial system. 24
(6) Diversification of the national assets of the 25
United States to include Bitcoin can enhance finan-26
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cial resilience and position the United States at the 1
forefront of global financial innovation. 2
SEC. 3. DEFINITIONS. 3
In this Act: 4
(1) A
IRDROP.—The term ‘‘airdrop’’ means a 5
gratuitous distribution of digital assets to holders of 6
Bitcoin in a broad, equitable, and non-discretionary 7
manner. 8
(2) B
ITCOIN PURCHASE PROGRAM .—The term 9
‘‘Bitcoin Purchase Program’’ means the program es-10
tablished under section 5(a). 11
(3) C
OLD STORAGE.—The term ‘‘cold storage’’ 12
means a method of storing private keys required to 13
transact in Bitcoin, with a nexus to a secure phys-14
ical location, protected from unauthorized access and 15
isolated from any network connections. 16
(4) F
ORK.—The term ‘‘fork’’ means a change 17
to the consensus mechanism of a distributed ledger 18
that creates a separate ledger, resulting in a new 19
digital asset that shares a common transaction his-20
tory with Bitcoin up to the point of the change. 21
(5) S
ECRETARY.—The term ‘‘Secretary’’ means 22
the Secretary of the Treasury. 23
(6) S
TRATEGIC BITCOIN RESERVE .—The term 24
‘‘Strategic Bitcoin Reserve’’ means the decentralized 25
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network of secure Bitcoin storage facilities estab-1
lished pursuant to section 4(a). 2
SEC. 4. ESTABLISHMENT OF STRATEGIC BITCOIN RESERVE. 3
(a) E
STABLISHMENT.—The Secretary shall establish 4
a decentralized network of secure Bitcoin storage facilities 5
distributed across the United States, collectively to be 6
known as the Strategic Bitcoin Reserve for the cold stor-7
age of Government Bitcoin holdings. 8
(b) P
URPOSE.—The Strategic Bitcoin Reserve shall 9
be used for the generation, safekeeping, and management 10
of Bitcoin private keys associated with Government 11
Bitcoin holdings. 12
(c) O
VERSIGHT.—The Secretary shall be responsible 13
for the ongoing monitoring and auditing of the holdings 14
of the Strategic Bitcoin Reserve. 15
(d) D
ECENTRALIZATION.— 16
(1) I
N GENERAL.—The Secretary shall ensure 17
that the facilities of the Strategic Bitcoin Reserve 18
are geographically dispersed throughout the United 19
States, to minimize the risk of simultaneous com-20
promise and to enhance the resilience of the Stra-21
tegic Bitcoin Reserve. 22
(2) L
OCATION SELECTION .—The Secretary 23
shall select the locations for the facilities described 24
in paragraph (1) based on a comprehensive risk as-25
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sessment, prioritizing geographic diversity, security, 1
and accessibility. 2
(e) S
ECURITYMEASURES.— 3
(1) I
N GENERAL.—The Secretary shall imple-4
ment state-of-the-art physical and digital security 5
measures to protect the Strategic Bitcoin Reserve. 6
(2) C
ONSULTATION.—The Secretary shall con-7
sult and collaborate with the Secretary of Defense, 8
the Secretary of Homeland Security, and industry 9
experts to ensure the highest level of physical and 10
digital security for the Strategic Bitcoin Reserve. 11
(f) R
ETENTION OFFORKS ANDAIRDROPS.— 12
(1) I
N GENERAL.—The Secretary shall ensure 13
that, with respect to Bitcoins controlled by the Stra-14
tegic Bitcoin Reserve, all digital assets resulting 15
from forks of the Bitcoin distributed ledger and dig-16
ital assets distributed via airdrops to Bitcoin ad-17
dresses are accounted for and reasonably stored in 18
the Strategic Bitcoin Reserve. 19
(2) P
ROHIBITION ON IMMEDIATE SALE .—No 20
digital asset stored in the Strategic Bitcoin Reserve 21
that is the result of a fork or airdrop may be sold 22
or otherwise disposed of during the 5-year period be-23
ginning on the date of the fork or airdrop, unless ex-24
plicitly authorized by law. 25
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(3) EVALUATION AND DISPOSITION AFTER THE 1
HOLDING PERIOD.— 2
(A) M
ARKET CAPITALIZATION ASSESS -3
MENT.—Upon the expiration of the 5-year hold-4
ing period described in paragraph (2), the Sec-5
retary shall conduct an assessment to determine 6
which digital asset resulting from a fork has the 7
highest publicly traded market capitalization. 8
(B) R
ETENTION OF DOMINANT ASSET .— 9
The Secretary shall retain the digital asset with 10
the highest publicly traded market capitaliza-11
tion that resulted from the fork. 12
(C) D
ISPOSITION OF NON-DOMINANT AS-13
SETS.—The Secretary may sell, auction, or oth-14
erwise dispose of any digital assets resulting 15
from the fork other than the asset identified in 16
subparagraph (B), with the proceeds from such 17
disposition to be deposited in the general fund 18
of the Treasury. 19
(D) E
XCEPTION FOR NOVEL UTILITY .—If 20
the Secretary, in consultation with the Sec-21
retary of Commerce and industry experts, de-22
termines that a non-dominant forked asset pos-23
sesses novel technological utility or strategic 24
value to the United States distinct from the 25
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dominant asset, the Secretary may recommend 1
to Congress the retention of such asset, not-2
withstanding subparagraph (C). 3
SEC. 5. BITCOIN PURCHASE PROGRAM. 4
(a) E
STABLISHMENT.— 5
(1) I
N GENERAL.—The Secretary shall establish 6
a Bitcoin Purchase Program which shall— 7
(A) purchase 200,000 Bitcoins per year 8
over a 5-year period, for a total acquisition of 9
1,000,000 Bitcoins; 10
(B) conduct purchases in a transparent 11
and strategic manner to minimize market dis-12
ruption; and 13
(C) hold Bitcoin acquired under this sec-14
tion in trust for the United States, as provided 15
in this section. 16
(2) F
LEXIBILITY RELATING TO PURCHASES .— 17
The Secretary shall, by rule, establish a procedure to 18
adjust the purchase schedule set forth under para-19
graph (1), if necessary, based on prevailing market 20
conditions. 21
(3) T
RANSFER OFFSET .—Any Bitcoin trans-22
ferred to the Strategic Bitcoin Reserve under section 23
7 may offset the purchase requirements under para-24
graph (1). 25
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(b) DEPOSIT.—All Bitcoins purchased under the 1
Bitcoin Purchase Program shall be placed in the Strategic 2
Bitcoin Reserve. 3
(c) M
INIMUMHOLDINGPERIOD.— 4
(1) I
N GENERAL.—To ensure the long-term sta-5
bility and security of the Strategic Bitcoin Reserve, 6
the Secretary shall hold all Bitcoin acquired by the 7
United States and deposited in the Strategic Bitcoin 8
Reserve, regardless of acquisition method, for not 9
less than 20 years from the date of acquisition. 10
(2) R
ETENTION OF BITCOIN.—During the min-11
imum holding period under paragraph (1), no 12
Bitcoin held in the Strategic Bitcoin Reserve may be 13
sold, swapped, auctioned, encumbered, or otherwise 14
disposed of for any purpose. 15
(3) R
ECOMMENDATIONS AFTER HOLDING PE -16
RIOD.— 17
(A) I
N GENERAL.—On the date that is 2 18
years before the end of the minimum holding 19
period under paragraph (1), the Secretary shall 20
submit to Congress recommendations on wheth-21
er to continue to voluntarily hold or to allow for 22
the gradual and controlled release of a portion 23
of the holdings of the Strategic Bitcoin Reserve 24
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for the sole purpose of reducing the national 1
debt. 2
(B) R
ECOMMENDATION .—Upon the expira-3
tion of the minimum holding period, the Sec-4
retary shall not recommend selling more than 5
10 percent of the assets of the Strategic Bitcoin 6
Reserve during any 2-year period. 7
(d) P
UBLICREPORTS.—Not later than 1 year after 8
the date of enactment of this Act, and annually thereafter 9
for a period of 20 years, the Secretary shall publish an 10
annual public report on the status of the Bitcoin Purchase 11
Program. 12
(e) A
DDITIONALBITCOINACQUISITIONS.— 13
(1) I
N GENERAL.—Notwithstanding the pur-14
chase limit established in subsection (a)(1)(A), the 15
United States may acquire and hold Bitcoin in ex-16
cess of 1,000,000 Bitcoins if such Bitcoin is ac-17
quired through— 18
(A) transfers from Federal agencies pursu-19
ant to section 7; 20
(B) civil or criminal forfeitures; 21
(C) gifts or bequests made to the United 22
States; or 23
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(D) any other lawful means other than di-1
rect purchase under the Bitcoin Purchase Pro-2
gram. 3
(2) T
REATMENT OF ADDITIONAL HOLDINGS .— 4
Any Bitcoin acquired pursuant to paragraph (1) 5
shall— 6
(A) be placed in the Strategic Bitcoin Re-7
serve; 8
(B) be subject to the same security, audit-9
ing, and reporting requirements as Bitcoin ac-10
quired through the Bitcoin Purchase Program; 11
and 12
(C) be subject to the minimum holding pe-13
riod established in subsection (c)(1). 14
(3) L
IMITATION.—Nothing in this subsection 15
shall be construed to authorize the Secretary to pur-16
chase Bitcoin in excess of the limits established in 17
subsection (a)(1)(A) through the Bitcoin Purchase 18
Program. 19
(f) C
OORDINATIONWITHEXCHANGESTABILIZATION 20
F
UND.—The Secretary shall coordinate Bitcoin purchases 21
made through the Bitcoin Purchase Program with any 22
Bitcoin purchases made through the Exchange Stabiliza-23
tion Fund under section 5302 of title 31, United States 24
Code, as amended by section 11 of this Act. 25
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SEC. 6. PROOF OF RESERVE SYSTEM. 1
To ensure transparency and accountability in the 2
management of the Strategic Bitcoin Reserve, the Sec-3
retary shall establish an ongoing Proof of Reserve system 4
of public cryptographic attestation under which— 5
(1) the Secretary shall— 6
(A) publish quarterly reports on the Stra-7
tegic Bitcoin Reserve that include detailed in-8
formation on the total holdings, transactions, 9
and demonstrated control of private keys relat-10
ing to the Strategic Bitcoin Reserve, including 11
a public cryptographic attestation; 12
(B) make the quarterly reports available to 13
the public on an official website of the Depart-14
ment of Treasury; and 15
(C) select an independent, third-party 16
auditor with expertise in cryptographic attesta-17
tions to verify the accuracy and integrity of the 18
quarterly reports; and 19
(2) the Comptroller General of the United 20
States shall, to ensure compliance with this Act, con-21
duct regular oversight of— 22
(A) the Strategic Bitcoin Reserve; 23
(B) the quarterly reports under paragraph 24
(1)(A); and 25
(C) the audits under paragraph (1)(C). 26
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SEC. 7. CONSOLIDATION OF GOVERNMENT BITCOIN HOLD-1
INGS. 2
Beginning on the date of enactment of this Act, any 3
Bitcoin under the control of any Federal agency, including 4
the United States Marshal Service, shall— 5
(1) not be sold, swapped, auctioned, or other-6
wise encumbered; and 7
(2) upon the acquisition of legal title to such 8
Bitcoin (including after a final, unappealable judg-9
ment is entered in a criminal or civil forfeiture ac-10
tion in favor of the Federal agency), be transferred 11
by the head of such Federal agency to the Strategic 12
Bitcoin Reserve. 13
SEC. 8. VOLUNTARY STATE PARTICIPATION AND SEG-14
REGATED ACCOUNTS. 15
(a) V
OLUNTARYSTATEPARTICIPATION.—The Sec-16
retary shall establish a program that allows a State to vol-17
untarily participate in storing the Bitcoin holdings of the 18
State in the Strategic Bitcoin Reserve in a segregated ac-19
count. 20
(b) P
ARTICIPATIONREQUIREMENTS.—A State choos-21
ing to participate in the program established under sub-22
section (a) shall sign a contractual agreement outlining 23
the terms and conditions of participation, which shall in-24
clude— 25
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(1) the responsibilities of both the State and 1
the Strategic Bitcoin Reserve in managing and se-2
curing the Bitcoin holdings of the State in the seg-3
regated account of the State; 4
(2) a requirement that the State, in coordina-5
tion with the Secretary, develop and implement ap-6
propriate security protocols and access controls to 7
ensure the integrity and confidentiality of the seg-8
regated account of the State; and 9
(3) retention of title, and all attendant legal in-10
terests, by the State in the Bitcoin held in the seg-11
regated account, including title to any digital asset 12
that is the result of a fork or airdrop relating to 13
such Bitcoin. 14
(c) W
ITHDRAW ORTRANSFER.—Each State partici-15
pating in the program established under subsection (a) 16
shall have the right to withdraw or transfer the contents 17
of the segregated account of the State within the Strategic 18
Bitcoin Reserve, subject to the terms and conditions in 19
the signed contractual agreement under subsection (b) and 20
any applicable Federal regulations. 21
(d) L
IMITATION OFLIABILITY.— 22
(1) I
N GENERAL.—Notwithstanding any other 23
provision of law, the Federal Government shall not 24
be liable for any loss, theft, destruction, or inacces-25
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sibility of Bitcoin or other digital assets held in the 1
Strategic Bitcoin Reserve, except in cases of gross 2
negligence or willful misconduct by the Secretary or 3
officials responsible for the management of the Stra-4
tegic Bitcoin Reserve. 5
(2) A
CKNOWLEDGMENT OF RISK .—Any agree-6
ment entered into under subsection (b) shall include 7
an explicit acknowledgment by the State that digital 8
asset custody carries inherent risks that cannot be 9
eliminated completely, and that the State assumes 10
all risks associated with the voluntary placement of 11
its digital assets in the Strategic Bitcoin Reserve. 12
SEC. 9. OFFSETTING THE COST OF THE STRATEGIC 13
BITCOIN RESERVE. 14
(a) D
ISCRETIONARYSURPLUSFUNDS OFFEDERAL 15
R
ESERVEBANKS.—Section 7(a)(3)(A) of the Federal Re-16
serve Act (12 U.S.C. 289(a)(3)(A)) is amended by striking 17
‘‘$6,825,000,000’’and inserting ‘‘$2,400,000,000’’. 18
(b) U
SE OFREMITTANCES TOTREASURY.— 19
(1) I
N GENERAL.—Notwithstanding the second 20
subsection (b) of section 7 of the Federal Reserve 21
Act (12 U.S.C. 290), for fiscal years 2025 through 22
2029, if the Federal reserve banks remit net earn-23
ings to the general fund of the Treasury during that 24
period, the first $6,000,000,000 of these remittances 25
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(before repayment of any deferred asset) in a fiscal 1
year shall be utilized by the Secretary for the imple-2
mentation of the Bitcoin Purchase Program, pursu-3
ant to the purposes set forth under section 5. 4
(2) E
XCEPTION.—Paragraph (1) shall not 5
apply if the Federal Reserve banks do not remit net 6
earnings in any given fiscal year during the period 7
of fiscal years 2025 through 2029. 8
(c) F
EDERALRESERVESYSTEMGOLDCERTIFI-9
CATES.—Not later than 180 days after the date of enact-10
ment of this Act, the Federal reserve banks shall tender 11
all outstanding gold certificates in their custody to the 12
Secretary. Not later than 90 days after the tender of the 13
last such certificate, the Secretary shall issue new gold 14
certificates to the Federal reserve banks that reflect the 15
fair market value price of the gold held against such cer-16
tificates by the Treasury, as of the date specified by the 17
Secretary on each new gold certificate. Upon issue by the 18
Secretary, each Federal reserve bank that receives a new 19
gold certificate shall remit the difference in cash value be-20
tween the old and new gold certificates to the Secretary 21
for deposit in the general fund within 90 days. 22
(d) U
SE OFGOLDCERTIFICATEREMITTANCES.— 23
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(1) IN GENERAL.—Funds remitted to the Sec-1
retary under subsection (c) shall be allocated as fol-2
lows: 3
(A) An amount necessary to fund the 4
Bitcoin Purchase Program, as established in 5
section 5, shall be reserved for that purpose, up 6
to the full amount required to purchase 7
1,000,000 Bitcoins under the program. 8
(B) Any funds in excess of the amount 9
necessary to fully fund the Bitcoin Purchase 10
Program shall be deposited in the general fund 11
of the Treasury to reduce the public debt. 12
(2) P
RIORITY USE.—Funds allocated under 13
paragraph (1)(A) shall be used for Bitcoin purchases 14
under the Bitcoin Purchase Program before utilizing 15
the remittances described in subsection (b) for such 16
purchases. 17
(3) A
NNUAL REPORT.—The Secretary shall in-18
clude in the annual report required under section 19
5(d) an accounting of all funds received under sub-20
section (c) and their allocation pursuant to this sub-21
section. 22
(e) C
ONFORMINGAMENDMENT.—Section 5117(b) of 23
title 31, United States Code, is amended by striking ‘‘(for 24
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the purpose of issuing those certificates, of 42 and two- 1
ninths dollars a fine troy ounce)’’. 2
SEC. 10. PROTECTION OF PRIVATE PROPERTY RIGHTS. 3
(a) R
ULES OFCONSTRUCTION.—Nothing in this Act 4
shall be construed to— 5
(1) authorize the Federal Government to seize, 6
confiscate, or otherwise impair any property right in 7
the lawfully acquired Bitcoin holdings of any person; 8
or 9
(2) infringe upon the rights of individuals, busi-10
nesses, or organizations to purchase, hold, transfer, 11
or dispose of Bitcoin in accordance with the law. 12
(b) A
FFIRMATION OFRIGHTS.—This Act affirms and 13
protects the rights of persons to maintain full lawful con-14
trol over the Bitcoin and other digital assets of those indi-15
viduals, recognizing that the ability to maintain self-cus-16
tody of private keys is fundamental to the principles of 17
financial sovereignty, privacy, and personal liberty in the 18
digital age. 19
SEC. 11. MODIFICATION OF EXCHANGE STABILIZATION 20
FUND. 21
(a) I
NGENERAL.—Section 5302 of title 31, United 22
States Code, is amended— 23
(1) in subsection (a)(1), by inserting after ‘‘sec-24
tion 3 of the Special Drawing Rights Act (22 U.S.C. 25
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286o),’’ the following: ‘‘section 5 of the BITCOIN 1
Act of 2025,’’; and 2
(2) in subsection (b), in the first sentence, by 3
striking ‘‘gold, foreign exchange, and other instru-4
ments of credit and securities’’ and inserting ‘‘gold, 5
Bitcoin, foreign exchange, and other instruments of 6
credit and securities’’. 7
(b) T
RANSPARENCY AND ACCOUNTABILITY.—Section 8
5302(c) of title 31, United States Code, is amended— 9
(1) in paragraph (1), by inserting after ‘‘all 10
projected liabilities’’ the following: ‘‘, including a de-11
tailed accounting of any Bitcoin transactions and 12
holdings’’; and 13
(2) in paragraph (2), by inserting after ‘‘on the 14
operation of the fund’’ the following: ‘‘, including a 15
specific accounting of any Bitcoin purchased, sold, 16
or held by the fund during the preceding year’’. 17
Æ
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