| 1 | 1 | | II |
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| 2 | 2 | | 119THCONGRESS |
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| 3 | 3 | | 1 |
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| 4 | 4 | | STSESSION S. 954 |
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| 5 | 5 | | To establish a Strategic Bitcoin Reserve and other programs to ensure the |
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| 6 | 6 | | transparent management of Bitcoin holdings of the Federal Government, |
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| 7 | 7 | | to offset costs utilizing certain resources of the Federal Reserve System, |
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| 8 | 8 | | and for other purposes. |
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| 9 | 9 | | IN THE SENATE OF THE UNITED STATES |
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| 10 | 10 | | MARCH11 (legislative day, MARCH10), 2025 |
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| 11 | 11 | | Ms. L |
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| 12 | 12 | | UMMIS(for herself, Mr. JUSTICE, Mr. TUBERVILLE, Mr. MORENO, Mr. |
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| 13 | 13 | | M |
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| 14 | 14 | | ARSHALL, and Mrs. BLACKBURN) introduced the following bill; which |
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| 15 | 15 | | was read twice and referred to the Committee on Banking, Housing, and |
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| 16 | 16 | | Urban Affairs |
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| 17 | 17 | | A BILL |
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| 18 | 18 | | To establish a Strategic Bitcoin Reserve and other programs |
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| 19 | 19 | | to ensure the transparent management of Bitcoin hold- |
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| 20 | 20 | | ings of the Federal Government, to offset costs utilizing |
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| 21 | 21 | | certain resources of the Federal Reserve System, and |
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| 22 | 22 | | for other purposes. |
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| 23 | 23 | | Be it enacted by the Senate and House of Representa-1 |
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| 24 | 24 | | tives of the United States of America in Congress assembled, 2 |
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| 25 | 25 | | SECTION 1. SHORT TITLE. 3 |
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| 26 | 26 | | This Act may be cited as the ‘‘Boosting Innovation, 4 |
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| 27 | 27 | | Technology, and Competitiveness through Optimized In-5 |
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| 30 | 30 | | •S 954 IS |
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| 31 | 31 | | vestment Nationwide Act of 2025’’ or the ‘‘BITCOIN Act 1 |
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| 32 | 32 | | of 2025’’. 2 |
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| 33 | 33 | | SEC. 2. FINDINGS. 3 |
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| 34 | 34 | | Congress finds the following: 4 |
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| 35 | 35 | | (1) The global financial landscape is rapidly 5 |
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| 36 | 36 | | evolving, with digital assets playing an increasingly 6 |
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| 37 | 37 | | significant role in the world economy. 7 |
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| 38 | 38 | | (2) Bitcoin has demonstrated resilience, wide-8 |
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| 39 | 39 | | spread adoption, and served as a medium of ex-9 |
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| 40 | 40 | | change and a store of value for more than a decade. 10 |
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| 41 | 41 | | (3) Just as gold reserves have historically 11 |
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| 42 | 42 | | served as a cornerstone of national financial secu-12 |
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| 43 | 43 | | rity, Bitcoin represents a digital-age asset capable of 13 |
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| 44 | 44 | | enhancing the financial leadership and security of 14 |
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| 45 | 45 | | the United States in the 21st century global econ-15 |
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| 46 | 46 | | omy. 16 |
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| 47 | 47 | | (4) The acquisition and long-term storage of 17 |
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| 48 | 48 | | substantial quantities of Bitcoin by the United 18 |
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| 49 | 49 | | States can strengthen the financial condition of the 19 |
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| 50 | 50 | | United States, providing a hedge against economic 20 |
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| 51 | 51 | | uncertainty and monetary instability. 21 |
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| 52 | 52 | | (5) Bitcoin, as a decentralized and finitely 22 |
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| 53 | 53 | | scarce digital asset, offers unique properties that 23 |
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| 54 | 54 | | complement existing national reserves, strengthening 24 |
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| 58 | 58 | | the position of the United States dollar in the global 1 |
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| 59 | 59 | | financial system. 2 |
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| 60 | 60 | | (6) Diversification of the national assets of the 3 |
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| 61 | 61 | | United States to include Bitcoin can enhance finan-4 |
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| 62 | 62 | | cial resilience and position the United States at the 5 |
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| 63 | 63 | | forefront of global financial innovation. 6 |
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| 64 | 64 | | SEC. 3. DEFINITIONS. 7 |
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| 65 | 65 | | In this Act: 8 |
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| 66 | 66 | | (1) A |
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| 67 | 67 | | IRDROP.—The term ‘‘airdrop’’ means a 9 |
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| 68 | 68 | | gratuitous distribution of digital assets to holders of 10 |
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| 69 | 69 | | Bitcoin in a broad, equitable, and non-discretionary 11 |
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| 70 | 70 | | manner. 12 |
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| 71 | 71 | | (2) B |
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| 72 | 72 | | ITCOIN PURCHASE PROGRAM .—The term 13 |
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| 73 | 73 | | ‘‘Bitcoin Purchase Program’’ means the program es-14 |
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| 74 | 74 | | tablished under section 5(a). 15 |
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| 75 | 75 | | (3) C |
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| 76 | 76 | | OLD STORAGE.—The term ‘‘cold storage’’ 16 |
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| 77 | 77 | | means a method of storing private keys required to 17 |
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| 78 | 78 | | transact in Bitcoin, with a nexus to a secure phys-18 |
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| 79 | 79 | | ical location, protected from unauthorized access and 19 |
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| 80 | 80 | | isolated from any network connections. 20 |
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| 81 | 81 | | (4) F |
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| 82 | 82 | | ORK.—The term ‘‘fork’’ means a change 21 |
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| 83 | 83 | | to the consensus mechanism of a distributed ledger 22 |
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| 84 | 84 | | that creates a separate ledger, resulting in a new 23 |
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| 85 | 85 | | digital asset that shares a common transaction his-24 |
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| 86 | 86 | | tory with Bitcoin up to the point of the change. 25 |
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| 89 | 89 | | •S 954 IS |
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| 90 | 90 | | (5) SECRETARY.—The term ‘‘Secretary’’ means 1 |
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| 91 | 91 | | the Secretary of the Treasury. 2 |
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| 92 | 92 | | (6) S |
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| 93 | 93 | | TRATEGIC BITCOIN RESERVE .—The term 3 |
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| 94 | 94 | | ‘‘Strategic Bitcoin Reserve’’ means the decentralized 4 |
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| 95 | 95 | | network of secure Bitcoin storage facilities estab-5 |
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| 96 | 96 | | lished pursuant to section 4(a). 6 |
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| 97 | 97 | | SEC. 4. ESTABLISHMENT OF STRATEGIC BITCOIN RESERVE. 7 |
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| 98 | 98 | | (a) E |
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| 99 | 99 | | STABLISHMENT.—The Secretary shall establish 8 |
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| 100 | 100 | | a decentralized network of secure Bitcoin storage facilities 9 |
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| 101 | 101 | | distributed across the United States, collectively to be 10 |
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| 102 | 102 | | known as the Strategic Bitcoin Reserve for the cold stor-11 |
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| 103 | 103 | | age of Government Bitcoin holdings. 12 |
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| 104 | 104 | | (b) P |
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| 105 | 105 | | URPOSE.—The Strategic Bitcoin Reserve shall 13 |
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| 106 | 106 | | be used for the generation, safekeeping, and management 14 |
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| 107 | 107 | | of Bitcoin private keys associated with Government 15 |
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| 108 | 108 | | Bitcoin holdings. 16 |
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| 109 | 109 | | (c) O |
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| 110 | 110 | | VERSIGHT.—The Secretary shall be responsible 17 |
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| 111 | 111 | | for the ongoing monitoring and auditing of the holdings 18 |
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| 112 | 112 | | of the Strategic Bitcoin Reserve. 19 |
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| 113 | 113 | | (d) D |
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| 114 | 114 | | ECENTRALIZATION.— 20 |
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| 115 | 115 | | (1) I |
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| 116 | 116 | | N GENERAL.—The Secretary shall ensure 21 |
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| 117 | 117 | | that the facilities of the Strategic Bitcoin Reserve 22 |
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| 118 | 118 | | are geographically dispersed throughout the United 23 |
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| 119 | 119 | | States, to minimize the risk of simultaneous com-24 |
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| 123 | 123 | | promise and to enhance the resilience of the Stra-1 |
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| 124 | 124 | | tegic Bitcoin Reserve. 2 |
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| 125 | 125 | | (2) L |
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| 126 | 126 | | OCATION SELECTION .—The Secretary 3 |
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| 127 | 127 | | shall select the locations for the facilities described 4 |
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| 128 | 128 | | in paragraph (1) based on a comprehensive risk as-5 |
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| 129 | 129 | | sessment, prioritizing geographic diversity, security, 6 |
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| 130 | 130 | | and accessibility. 7 |
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| 131 | 131 | | (e) S |
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| 132 | 132 | | ECURITYMEASURES.— 8 |
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| 133 | 133 | | (1) I |
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| 134 | 134 | | N GENERAL.—The Secretary shall imple-9 |
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| 135 | 135 | | ment state-of-the-art physical and digital security 10 |
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| 136 | 136 | | measures to protect the Strategic Bitcoin Reserve. 11 |
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| 137 | 137 | | (2) C |
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| 138 | 138 | | ONSULTATION.—The Secretary shall con-12 |
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| 139 | 139 | | sult and collaborate with the Secretary of Defense, 13 |
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| 140 | 140 | | the Secretary of Homeland Security, and industry 14 |
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| 141 | 141 | | experts to ensure the highest level of physical and 15 |
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| 142 | 142 | | digital security for the Strategic Bitcoin Reserve. 16 |
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| 143 | 143 | | (f) R |
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| 144 | 144 | | ETENTION OFFORKS ANDAIRDROPS.— 17 |
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| 145 | 145 | | (1) I |
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| 146 | 146 | | N GENERAL.—The Secretary shall ensure 18 |
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| 147 | 147 | | that, with respect to Bitcoins controlled by the Stra-19 |
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| 148 | 148 | | tegic Bitcoin Reserve, all digital assets resulting 20 |
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| 149 | 149 | | from forks of the Bitcoin distributed ledger and dig-21 |
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| 150 | 150 | | ital assets distributed via airdrops to Bitcoin ad-22 |
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| 151 | 151 | | dresses are accounted for and reasonably stored in 23 |
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| 152 | 152 | | the Strategic Bitcoin Reserve. 24 |
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| 156 | 156 | | (2) PROHIBITION ON IMMEDIATE SALE .—No 1 |
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| 157 | 157 | | digital asset stored in the Strategic Bitcoin Reserve 2 |
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| 158 | 158 | | that is the result of a fork or airdrop may be sold 3 |
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| 159 | 159 | | or otherwise disposed of during the 5-year period be-4 |
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| 160 | 160 | | ginning on the date of the fork or airdrop, unless ex-5 |
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| 161 | 161 | | plicitly authorized by law. 6 |
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| 162 | 162 | | (3) E |
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| 163 | 163 | | VALUATION AND DISPOSITION AFTER THE 7 |
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| 164 | 164 | | HOLDING PERIOD.— 8 |
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| 165 | 165 | | (A) M |
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| 166 | 166 | | ARKET CAPITALIZATION ASSESS -9 |
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| 167 | 167 | | MENT.—Upon the expiration of the 5-year hold-10 |
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| 168 | 168 | | ing period described in paragraph (2), the Sec-11 |
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| 169 | 169 | | retary shall conduct an assessment to determine 12 |
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| 170 | 170 | | which digital asset resulting from a fork has the 13 |
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| 171 | 171 | | highest publicly traded market capitalization. 14 |
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| 172 | 172 | | (B) R |
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| 173 | 173 | | ETENTION OF DOMINANT ASSET .— 15 |
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| 174 | 174 | | The Secretary shall retain the digital asset with 16 |
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| 175 | 175 | | the highest publicly traded market capitaliza-17 |
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| 176 | 176 | | tion that resulted from the fork. 18 |
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| 177 | 177 | | (C) D |
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| 178 | 178 | | ISPOSITION OF NON-DOMINANT AS-19 |
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| 179 | 179 | | SETS.—The Secretary may sell, auction, or oth-20 |
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| 180 | 180 | | erwise dispose of any digital assets resulting 21 |
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| 181 | 181 | | from the fork other than the asset identified 22 |
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| 182 | 182 | | pursuant to subparagraph (B), with the pro-23 |
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| 183 | 183 | | ceeds from such disposition to be deposited in 24 |
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| 184 | 184 | | the general fund of the Treasury. 25 |
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| 188 | 188 | | (D) EXCEPTION FOR NOVEL UTILITY .—If 1 |
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| 189 | 189 | | the Secretary, in consultation with the Sec-2 |
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| 190 | 190 | | retary of Commerce and industry experts, de-3 |
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| 191 | 191 | | termines that a non-dominant forked asset pos-4 |
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| 192 | 192 | | sesses novel technological utility or strategic 5 |
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| 193 | 193 | | value to the United States distinct from the 6 |
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| 194 | 194 | | dominant asset, the Secretary may recommend 7 |
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| 195 | 195 | | to Congress the retention of such asset, not-8 |
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| 196 | 196 | | withstanding subparagraph (C). 9 |
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| 197 | 197 | | SEC. 5. BITCOIN PURCHASE PROGRAM. 10 |
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| 198 | 198 | | (a) E |
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| 199 | 199 | | STABLISHMENT.— 11 |
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| 200 | 200 | | (1) I |
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| 201 | 201 | | N GENERAL.—The Secretary shall establish 12 |
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| 202 | 202 | | a Bitcoin Purchase Program which shall— 13 |
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| 203 | 203 | | (A) purchase 200,000 Bitcoins per year 14 |
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| 204 | 204 | | over a 5-year period, for a total acquisition of 15 |
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| 205 | 205 | | 1,000,000 Bitcoins; 16 |
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| 206 | 206 | | (B) conduct purchases in a transparent 17 |
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| 207 | 207 | | and strategic manner to minimize market dis-18 |
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| 208 | 208 | | ruption; and 19 |
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| 209 | 209 | | (C) hold Bitcoin acquired under this sec-20 |
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| 210 | 210 | | tion in trust for the United States, as provided 21 |
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| 211 | 211 | | in this section. 22 |
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| 212 | 212 | | (2) F |
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| 213 | 213 | | LEXIBILITY RELATING TO PURCHASES .— 23 |
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| 214 | 214 | | The Secretary shall, by rule, establish a procedure to 24 |
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| 215 | 215 | | adjust the purchase schedule set forth under para-25 |
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| 218 | 218 | | •S 954 IS |
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| 219 | 219 | | graph (1), if necessary, based on prevailing market 1 |
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| 220 | 220 | | conditions. 2 |
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| 221 | 221 | | (3) T |
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| 222 | 222 | | RANSFER OFFSET .—Any Bitcoin trans-3 |
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| 223 | 223 | | ferred to the Strategic Bitcoin Reserve under section 4 |
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| 224 | 224 | | 7 may offset the purchase requirements under para-5 |
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| 225 | 225 | | graph (1). 6 |
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| 226 | 226 | | (b) D |
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| 227 | 227 | | EPOSIT.—All Bitcoins purchased under the 7 |
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| 228 | 228 | | Bitcoin Purchase Program shall be placed in the Strategic 8 |
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| 229 | 229 | | Bitcoin Reserve. 9 |
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| 230 | 230 | | (c) M |
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| 231 | 231 | | INIMUMHOLDINGPERIOD.— 10 |
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| 232 | 232 | | (1) I |
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| 233 | 233 | | N GENERAL.—To ensure the long-term sta-11 |
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| 234 | 234 | | bility and security of the Strategic Bitcoin Reserve, 12 |
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| 235 | 235 | | the Secretary shall hold all Bitcoin acquired by the 13 |
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| 236 | 236 | | United States and deposited in the Strategic Bitcoin 14 |
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| 237 | 237 | | Reserve, regardless of acquisition method, for not 15 |
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| 238 | 238 | | less than 20 years from the date of acquisition. 16 |
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| 239 | 239 | | (2) R |
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| 240 | 240 | | ETENTION OF BITCOIN.—During the min-17 |
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| 241 | 241 | | imum holding period under paragraph (1), no 18 |
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| 242 | 242 | | Bitcoin held in the Strategic Bitcoin Reserve may be 19 |
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| 243 | 243 | | sold, swapped, auctioned, encumbered, or otherwise 20 |
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| 244 | 244 | | disposed of for any purpose. 21 |
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| 245 | 245 | | (3) R |
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| 246 | 246 | | ECOMMENDATIONS AFTER HOLDING PE -22 |
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| 247 | 247 | | RIOD.— 23 |
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| 248 | 248 | | (A) I |
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| 249 | 249 | | N GENERAL.—On the date that is 2 24 |
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| 250 | 250 | | years before the end of the minimum holding 25 |
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| 254 | 254 | | period under paragraph (1), the Secretary shall 1 |
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| 255 | 255 | | submit to Congress recommendations on wheth-2 |
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| 256 | 256 | | er to continue to voluntarily hold or to allow for 3 |
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| 257 | 257 | | the gradual and controlled release of a portion 4 |
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| 258 | 258 | | of the holdings of the Strategic Bitcoin Reserve 5 |
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| 259 | 259 | | for the sole purpose of reducing the national 6 |
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| 260 | 260 | | debt. 7 |
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| 261 | 261 | | (B) R |
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| 262 | 262 | | ECOMMENDATION .—Upon the expira-8 |
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| 263 | 263 | | tion of the minimum holding period, the Sec-9 |
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| 264 | 264 | | retary shall not recommend selling more than 10 |
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| 265 | 265 | | 10 percent of the assets of the Strategic Bitcoin 11 |
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| 266 | 266 | | Reserve during any 2-year period. 12 |
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| 267 | 267 | | (d) P |
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| 268 | 268 | | UBLICREPORTS.—Not later than 1 year after 13 |
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| 269 | 269 | | the date of enactment of this Act, and annually thereafter 14 |
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| 270 | 270 | | for a period of 20 years, the Secretary shall publish an 15 |
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| 271 | 271 | | annual public report on the status of the Bitcoin Purchase 16 |
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| 272 | 272 | | Program. 17 |
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| 273 | 273 | | (e) A |
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| 274 | 274 | | DDITIONALBITCOINACQUISITIONS.— 18 |
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| 275 | 275 | | (1) I |
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| 276 | 276 | | N GENERAL.—Notwithstanding the pur-19 |
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| 277 | 277 | | chase limit established in subsection (a)(1)(A), the 20 |
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| 278 | 278 | | United States may acquire and hold Bitcoin in ex-21 |
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| 279 | 279 | | cess of 1,000,000 Bitcoins if such Bitcoin is ac-22 |
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| 280 | 280 | | quired through— 23 |
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| 281 | 281 | | (A) transfers from Federal agencies pursu-24 |
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| 282 | 282 | | ant to section 7; 25 |
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| 286 | 286 | | (B) civil or criminal forfeitures; 1 |
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| 287 | 287 | | (C) gifts or bequests made to the United 2 |
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| 288 | 288 | | States; or 3 |
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| 289 | 289 | | (D) any other lawful means other than di-4 |
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| 290 | 290 | | rect purchase under subsection (a)(1). 5 |
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| 291 | 291 | | (2) T |
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| 292 | 292 | | REATMENT OF ADDITIONAL HOLDINGS .— 6 |
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| 293 | 293 | | Any Bitcoin acquired pursuant to paragraph (1) 7 |
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| 294 | 294 | | shall— 8 |
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| 295 | 295 | | (A) be placed in the Strategic Bitcoin Re-9 |
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| 296 | 296 | | serve; 10 |
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| 297 | 297 | | (B) be subject to the same security, audit-11 |
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| 298 | 298 | | ing, and reporting requirements as Bitcoin ac-12 |
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| 299 | 299 | | quired through the Bitcoin Purchase Program; 13 |
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| 300 | 300 | | and 14 |
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| 301 | 301 | | (C) be subject to the minimum holding pe-15 |
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| 302 | 302 | | riod established in subsection (c)(1). 16 |
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| 303 | 303 | | (3) L |
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| 304 | 304 | | IMITATION.—Nothing in this subsection 17 |
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| 305 | 305 | | shall be construed to authorize the Secretary to pur-18 |
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| 306 | 306 | | chase Bitcoin in excess of the limits established in 19 |
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| 307 | 307 | | subsection (a)(1)(A) through the Bitcoin Purchase 20 |
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| 308 | 308 | | Program. 21 |
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| 309 | 309 | | (f) C |
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| 310 | 310 | | OORDINATIONWITHEXCHANGESTABILIZATION 22 |
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| 311 | 311 | | F |
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| 312 | 312 | | UND.—The Secretary shall coordinate Bitcoin purchases 23 |
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| 313 | 313 | | made through the Bitcoin Purchase Program with any 24 |
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| 314 | 314 | | Bitcoin purchases made through the Exchange Stabiliza-25 |
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| 317 | 317 | | •S 954 IS |
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| 318 | 318 | | tion Fund under section 5302 of title 31, United States 1 |
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| 319 | 319 | | Code, as amended by section 11 of this Act. 2 |
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| 320 | 320 | | SEC. 6. PROOF OF RESERVE SYSTEM. 3 |
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| 321 | 321 | | To ensure transparency and accountability in the 4 |
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| 322 | 322 | | management of the Strategic Bitcoin Reserve, the Sec-5 |
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| 323 | 323 | | retary shall establish an ongoing Proof of Reserve system 6 |
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| 324 | 324 | | of public cryptographic attestation under which— 7 |
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| 325 | 325 | | (1) the Secretary shall— 8 |
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| 326 | 326 | | (A) publish quarterly reports on the Stra-9 |
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| 327 | 327 | | tegic Bitcoin Reserve that include detailed in-10 |
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| 328 | 328 | | formation on the total holdings, transactions, 11 |
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| 329 | 329 | | and demonstrated control of private keys relat-12 |
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| 330 | 330 | | ing to the Strategic Bitcoin Reserve, including 13 |
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| 331 | 331 | | a public cryptographic attestation; 14 |
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| 332 | 332 | | (B) make the quarterly reports available to 15 |
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| 333 | 333 | | the public on an official website of the Depart-16 |
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| 334 | 334 | | ment of Treasury; and 17 |
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| 335 | 335 | | (C) select an independent, third-party 18 |
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| 336 | 336 | | auditor with expertise in cryptographic attesta-19 |
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| 337 | 337 | | tions to verify the accuracy and integrity of the 20 |
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| 338 | 338 | | quarterly reports; and 21 |
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| 339 | 339 | | (2) the Comptroller General of the United 22 |
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| 340 | 340 | | States shall, to ensure compliance with this Act, con-23 |
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| 341 | 341 | | duct regular oversight of— 24 |
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| 342 | 342 | | (A) the Strategic Bitcoin Reserve; 25 |
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| 346 | 346 | | (B) the quarterly reports under paragraph 1 |
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| 347 | 347 | | (1)(A); and 2 |
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| 348 | 348 | | (C) the audits under paragraph (1)(C). 3 |
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| 349 | 349 | | SEC. 7. CONSOLIDATION OF GOVERNMENT BITCOIN HOLD-4 |
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| 350 | 350 | | INGS. 5 |
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| 351 | 351 | | Beginning on the date of enactment of this Act, any 6 |
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| 352 | 352 | | Bitcoin under the control of any Federal agency, including 7 |
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| 353 | 353 | | the United States Marshal Service, shall— 8 |
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| 354 | 354 | | (1) not be sold, swapped, auctioned, or other-9 |
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| 355 | 355 | | wise encumbered; and 10 |
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| 356 | 356 | | (2) upon the acquisition of legal title to such 11 |
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| 357 | 357 | | Bitcoin (including after a final, unappealable judg-12 |
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| 358 | 358 | | ment is entered in a criminal or civil forfeiture ac-13 |
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| 359 | 359 | | tion in favor of the Federal agency), be transferred 14 |
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| 360 | 360 | | by the head of such Federal agency to the Strategic 15 |
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| 361 | 361 | | Bitcoin Reserve. 16 |
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| 362 | 362 | | SEC. 8. VOLUNTARY STATE PARTICIPATION AND SEG-17 |
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| 363 | 363 | | REGATED ACCOUNTS. 18 |
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| 364 | 364 | | (a) V |
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| 365 | 365 | | OLUNTARYSTATEPARTICIPATION.—The Sec-19 |
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| 366 | 366 | | retary shall establish a program that allows a State to vol-20 |
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| 367 | 367 | | untarily participate in storing the Bitcoin holdings of the 21 |
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| 368 | 368 | | State in the Strategic Bitcoin Reserve in a segregated ac-22 |
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| 369 | 369 | | count. 23 |
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| 370 | 370 | | (b) P |
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| 371 | 371 | | ARTICIPATIONREQUIREMENTS.—A State choos-24 |
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| 372 | 372 | | ing to participate in the program established under sub-25 |
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| 375 | 375 | | •S 954 IS |
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| 376 | 376 | | section (a) shall sign a contractual agreement outlining 1 |
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| 377 | 377 | | the terms and conditions of participation, which shall in-2 |
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| 378 | 378 | | clude— 3 |
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| 379 | 379 | | (1) the responsibilities of both the State and 4 |
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| 380 | 380 | | the Strategic Bitcoin Reserve in managing and se-5 |
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| 381 | 381 | | curing the Bitcoin holdings of the State in the seg-6 |
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| 382 | 382 | | regated account of the State; 7 |
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| 383 | 383 | | (2) a requirement that the State, in coordina-8 |
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| 384 | 384 | | tion with the Secretary, develop and implement ap-9 |
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| 385 | 385 | | propriate security protocols and access controls to 10 |
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| 386 | 386 | | ensure the integrity and confidentiality of the seg-11 |
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| 387 | 387 | | regated account of the State; and 12 |
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| 388 | 388 | | (3) retention of title, and all attendant legal in-13 |
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| 389 | 389 | | terests, by the State in the Bitcoin held in the seg-14 |
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| 390 | 390 | | regated account, including title to any digital asset 15 |
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| 391 | 391 | | that is the result of a fork or airdrop relating to 16 |
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| 392 | 392 | | such Bitcoin. 17 |
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| 393 | 393 | | (c) W |
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| 394 | 394 | | ITHDRAW ORTRANSFER.—Each State partici-18 |
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| 395 | 395 | | pating in the program established under subsection (a) 19 |
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| 396 | 396 | | shall have the right to withdraw or transfer the contents 20 |
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| 397 | 397 | | of the segregated account of the State within the Strategic 21 |
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| 398 | 398 | | Bitcoin Reserve, subject to the terms and conditions in 22 |
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| 399 | 399 | | the signed contractual agreement under subsection (b) and 23 |
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| 400 | 400 | | any applicable Federal regulations. 24 |
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| 403 | 403 | | •S 954 IS |
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| 404 | 404 | | (d) LIMITATION OFLIABILITY.—Any agreement en-1 |
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| 405 | 405 | | tered into under subsection (b) shall include an explicit 2 |
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| 406 | 406 | | acknowledgment by the State that digital asset custody 3 |
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| 407 | 407 | | carries inherent risks that cannot be eliminated com-4 |
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| 408 | 408 | | pletely, and that the State assumes all risks associated 5 |
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| 409 | 409 | | with the voluntary placement of its digital assets in the 6 |
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| 410 | 410 | | Strategic Bitcoin Reserve. 7 |
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| 411 | 411 | | SEC. 9. OFFSETTING THE COST OF THE STRATEGIC 8 |
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| 412 | 412 | | BITCOIN RESERVE. 9 |
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| 413 | 413 | | (a) D |
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| 414 | 414 | | ISCRETIONARYSURPLUSFUNDS OFFEDERAL 10 |
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| 415 | 415 | | R |
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| 416 | 416 | | ESERVEBANKS.—Section 7(a)(3)(A) of the Federal Re-11 |
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| 417 | 417 | | serve Act (12 U.S.C. 289(a)(3)(A)) is amended by striking 12 |
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| 418 | 418 | | ‘‘$6,825,000,000’’ and inserting ‘‘$2,400,000,000’’. 13 |
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| 419 | 419 | | (b) U |
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| 420 | 420 | | SE OFREMITTANCES TOTREASURY.— 14 |
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| 421 | 421 | | (1) I |
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| 422 | 422 | | N GENERAL.—Notwithstanding the second 15 |
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| 423 | 423 | | subsection (b) of section 7 of the Federal Reserve 16 |
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| 424 | 424 | | Act (12 U.S.C. 290), for fiscal years 2025 through 17 |
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| 425 | 425 | | 2029, if the Federal reserve banks remit net earn-18 |
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| 426 | 426 | | ings to the general fund of the Treasury during that 19 |
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| 427 | 427 | | period, the first $6,000,000,000 of these remittances 20 |
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| 428 | 428 | | (before repayment of any deferred asset) in a fiscal 21 |
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| 429 | 429 | | year shall be utilized by the Secretary for the imple-22 |
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| 430 | 430 | | mentation of the Bitcoin Purchase Program, pursu-23 |
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| 431 | 431 | | ant to the purposes set forth under section 5. 24 |
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| 434 | 434 | | •S 954 IS |
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| 435 | 435 | | (2) EXCEPTION.—Paragraph (1) shall not 1 |
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| 436 | 436 | | apply if the Federal Reserve banks do not remit net 2 |
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| 437 | 437 | | earnings in any given fiscal year during the period 3 |
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| 438 | 438 | | of fiscal years 2025 through 2029. 4 |
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| 439 | 439 | | (c) F |
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| 440 | 440 | | EDERALRESERVESYSTEMGOLDCERTIFI-5 |
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| 441 | 441 | | CATES.—Not later than 180 days after the date of enact-6 |
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| 442 | 442 | | ment of this Act, the Federal reserve banks shall tender 7 |
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| 443 | 443 | | all outstanding gold certificates in their custody to the 8 |
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| 444 | 444 | | Secretary. Not later than 90 days after the tender of the 9 |
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| 445 | 445 | | last such certificate, the Secretary shall issue new gold 10 |
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| 446 | 446 | | certificates to the Federal reserve banks that reflect the 11 |
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| 447 | 447 | | fair market value price of the gold held against such cer-12 |
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| 448 | 448 | | tificates by the Treasury, as of the date specified by the 13 |
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| 449 | 449 | | Secretary on each new gold certificate. Upon issue by the 14 |
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| 450 | 450 | | Secretary, each Federal reserve bank that receives a new 15 |
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| 451 | 451 | | gold certificate shall remit the difference in cash value be-16 |
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| 452 | 452 | | tween the old and new gold certificates to the Secretary 17 |
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| 453 | 453 | | for deposit in the general fund within 90 days. 18 |
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| 454 | 454 | | (d) U |
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| 455 | 455 | | SE OFGOLDCERTIFICATEREMITTANCES.— 19 |
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| 456 | 456 | | (1) I |
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| 457 | 457 | | N GENERAL.—Funds remitted to the Sec-20 |
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| 458 | 458 | | retary under subsection (c) shall be allocated as fol-21 |
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| 459 | 459 | | lows: 22 |
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| 460 | 460 | | (A) An amount necessary to fund the 23 |
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| 461 | 461 | | Bitcoin Purchase Program, as established in 24 |
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| 462 | 462 | | section 5, shall be reserved for that purpose, up 25 |
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| 465 | 465 | | •S 954 IS |
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| 466 | 466 | | to the full amount required to purchase 1 |
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| 467 | 467 | | 1,000,000 Bitcoins under the program. 2 |
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| 468 | 468 | | (B) Any funds in excess of the amount 3 |
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| 469 | 469 | | necessary to fully fund the Bitcoin Purchase 4 |
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| 470 | 470 | | Program shall be deposited in the general fund 5 |
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| 471 | 471 | | of the Treasury to reduce the public debt. 6 |
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| 472 | 472 | | (2) P |
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| 473 | 473 | | RIORITY USE.—Funds allocated under 7 |
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| 474 | 474 | | paragraph (1)(A) shall be used for Bitcoin purchases 8 |
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| 475 | 475 | | under the Bitcoin Purchase Program before utilizing 9 |
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| 476 | 476 | | the remittances described in subsection (b) for such 10 |
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| 477 | 477 | | purchases. 11 |
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| 478 | 478 | | (3) A |
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| 479 | 479 | | NNUAL REPORT.—The Secretary shall in-12 |
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| 480 | 480 | | clude in the annual report required under section 13 |
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| 481 | 481 | | 5(d) an accounting of all funds received under sub-14 |
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| 482 | 482 | | section (c) and their allocation pursuant to this sub-15 |
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| 483 | 483 | | section. 16 |
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| 484 | 484 | | (e) C |
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| 485 | 485 | | ONFORMINGAMENDMENT.—Section 5117(b) of 17 |
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| 486 | 486 | | title 31, United States Code, is amended by striking ‘‘(for 18 |
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| 487 | 487 | | the purpose of issuing those certificates, of 42 and two- 19 |
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| 488 | 488 | | ninths dollars a fine troy ounce)’’. 20 |
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| 489 | 489 | | SEC. 10. PROTECTION OF PRIVATE PROPERTY RIGHTS. 21 |
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| 490 | 490 | | (a) R |
|---|
| 491 | 491 | | ULES OFCONSTRUCTION.—Nothing in this Act 22 |
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| 492 | 492 | | shall be construed to— 23 |
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| 493 | 493 | | (1) authorize the Federal Government to seize, 24 |
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| 494 | 494 | | confiscate, or otherwise impair any property right in 25 |
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| 497 | 497 | | •S 954 IS |
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| 498 | 498 | | the lawfully acquired Bitcoin holdings of any person; 1 |
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| 499 | 499 | | or 2 |
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| 500 | 500 | | (2) infringe upon the rights of individuals, busi-3 |
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| 501 | 501 | | nesses, or organizations to purchase, hold, transfer, 4 |
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| 502 | 502 | | or dispose of Bitcoin in accordance with the law. 5 |
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| 503 | 503 | | (b) A |
|---|
| 504 | 504 | | FFIRMATION OFRIGHTS.—This Act affirms and 6 |
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| 505 | 505 | | protects the rights of persons to maintain full lawful con-7 |
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| 506 | 506 | | trol over the Bitcoin and other digital assets of those indi-8 |
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| 507 | 507 | | viduals, recognizing that the ability to maintain self-cus-9 |
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| 508 | 508 | | tody of private keys is fundamental to the principles of 10 |
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| 509 | 509 | | financial sovereignty, privacy, and personal liberty in the 11 |
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| 510 | 510 | | digital age. 12 |
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| 511 | 511 | | SEC. 11. MODIFICATION OF EXCHANGE STABILIZATION 13 |
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| 512 | 512 | | FUND. 14 |
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| 513 | 513 | | (a) I |
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| 514 | 514 | | NGENERAL.—Section 5302 of title 31, United 15 |
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| 515 | 515 | | States Code, is amended— 16 |
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| 516 | 516 | | (1) in subsection (a)(1), by inserting ‘‘section 5 17 |
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| 517 | 517 | | of the BITCOIN Act of 2025,’’ after ‘‘section 3 of 18 |
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| 518 | 518 | | the Special Drawing Rights Act (22 U.S.C. 286o),’’; 19 |
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| 519 | 519 | | and 20 |
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| 520 | 520 | | (2) in subsection (b), in the first sentence, by 21 |
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| 521 | 521 | | striking ‘‘gold, foreign exchange, and other instru-22 |
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| 522 | 522 | | ments of credit and securities’’ and inserting ‘‘gold, 23 |
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| 523 | 523 | | Bitcoin, foreign exchange, and other instruments of 24 |
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| 524 | 524 | | credit and securities’’. 25 |
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| 527 | 527 | | •S 954 IS |
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| 528 | 528 | | (b) TRANSPARENCY AND ACCOUNTABILITY.—Section 1 |
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| 529 | 529 | | 5302(c) of title 31, United States Code, is amended— 2 |
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| 530 | 530 | | (1) in paragraph (1), by inserting ‘‘, including 3 |
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| 531 | 531 | | a detailed accounting of any Bitcoin transactions 4 |
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| 532 | 532 | | and holdings’’ after ‘‘all projected liabilities’’; and 5 |
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| 533 | 533 | | (2) in paragraph (2), by inserting ‘‘, including 6 |
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| 534 | 534 | | a specific accounting of any Bitcoin purchased, sold, 7 |
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| 535 | 535 | | or held by the fund during the year preceding the 8 |
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| 536 | 536 | | report’’ after ‘‘on the operation of the fund’’. 9 |
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| 537 | 537 | | Æ |
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