II
119THCONGRESS
1
STSESSION S. 954
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 SENATE OF THE UNITED STATES
MARCH11 (legislative day, MARCH10), 2025
Ms. L
UMMIS(for herself, Mr. JUSTICE, Mr. TUBERVILLE, Mr. MORENO, Mr.
M
ARSHALL, and Mrs. BLACKBURN) introduced the following bill; which
was read twice and referred to the Committee on Banking, Housing, and
Urban Affairs
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
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vestment Nationwide Act of 2025’’ or the ‘‘BITCOIN Act 1
of 2025’’. 2
SEC. 2. FINDINGS. 3
Congress finds the following: 4
(1) The global financial landscape is rapidly 5
evolving, with digital assets playing an increasingly 6
significant role in the world economy. 7
(2) Bitcoin has demonstrated resilience, wide-8
spread adoption, and served as a medium of ex-9
change and a store of value for more than a decade. 10
(3) Just as gold reserves have historically 11
served as a cornerstone of national financial secu-12
rity, Bitcoin represents a digital-age asset capable of 13
enhancing the financial leadership and security of 14
the United States in the 21st century global econ-15
omy. 16
(4) The acquisition and long-term storage of 17
substantial quantities of Bitcoin by the United 18
States can strengthen the financial condition of the 19
United States, providing a hedge against economic 20
uncertainty and monetary instability. 21
(5) Bitcoin, as a decentralized and finitely 22
scarce digital asset, offers unique properties that 23
complement existing national reserves, strengthening 24
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the position of the United States dollar in the global 1
financial system. 2
(6) Diversification of the national assets of the 3
United States to include Bitcoin can enhance finan-4
cial resilience and position the United States at the 5
forefront of global financial innovation. 6
SEC. 3. DEFINITIONS. 7
In this Act: 8
(1) A
IRDROP.—The term ‘‘airdrop’’ means a 9
gratuitous distribution of digital assets to holders of 10
Bitcoin in a broad, equitable, and non-discretionary 11
manner. 12
(2) B
ITCOIN PURCHASE PROGRAM .—The term 13
‘‘Bitcoin Purchase Program’’ means the program es-14
tablished under section 5(a). 15
(3) C
OLD STORAGE.—The term ‘‘cold storage’’ 16
means a method of storing private keys required to 17
transact in Bitcoin, with a nexus to a secure phys-18
ical location, protected from unauthorized access and 19
isolated from any network connections. 20
(4) F
ORK.—The term ‘‘fork’’ means a change 21
to the consensus mechanism of a distributed ledger 22
that creates a separate ledger, resulting in a new 23
digital asset that shares a common transaction his-24
tory with Bitcoin up to the point of the change. 25
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(5) SECRETARY.—The term ‘‘Secretary’’ means 1
the Secretary of the Treasury. 2
(6) S
TRATEGIC BITCOIN RESERVE .—The term 3
‘‘Strategic Bitcoin Reserve’’ means the decentralized 4
network of secure Bitcoin storage facilities estab-5
lished pursuant to section 4(a). 6
SEC. 4. ESTABLISHMENT OF STRATEGIC BITCOIN RESERVE. 7
(a) E
STABLISHMENT.—The Secretary shall establish 8
a decentralized network of secure Bitcoin storage facilities 9
distributed across the United States, collectively to be 10
known as the Strategic Bitcoin Reserve for the cold stor-11
age of Government Bitcoin holdings. 12
(b) P
URPOSE.—The Strategic Bitcoin Reserve shall 13
be used for the generation, safekeeping, and management 14
of Bitcoin private keys associated with Government 15
Bitcoin holdings. 16
(c) O
VERSIGHT.—The Secretary shall be responsible 17
for the ongoing monitoring and auditing of the holdings 18
of the Strategic Bitcoin Reserve. 19
(d) D
ECENTRALIZATION.— 20
(1) I
N GENERAL.—The Secretary shall ensure 21
that the facilities of the Strategic Bitcoin Reserve 22
are geographically dispersed throughout the United 23
States, to minimize the risk of simultaneous com-24
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promise and to enhance the resilience of the Stra-1
tegic Bitcoin Reserve. 2
(2) L
OCATION SELECTION .—The Secretary 3
shall select the locations for the facilities described 4
in paragraph (1) based on a comprehensive risk as-5
sessment, prioritizing geographic diversity, security, 6
and accessibility. 7
(e) S
ECURITYMEASURES.— 8
(1) I
N GENERAL.—The Secretary shall imple-9
ment state-of-the-art physical and digital security 10
measures to protect the Strategic Bitcoin Reserve. 11
(2) C
ONSULTATION.—The Secretary shall con-12
sult and collaborate with the Secretary of Defense, 13
the Secretary of Homeland Security, and industry 14
experts to ensure the highest level of physical and 15
digital security for the Strategic Bitcoin Reserve. 16
(f) R
ETENTION OFFORKS ANDAIRDROPS.— 17
(1) I
N GENERAL.—The Secretary shall ensure 18
that, with respect to Bitcoins controlled by the Stra-19
tegic Bitcoin Reserve, all digital assets resulting 20
from forks of the Bitcoin distributed ledger and dig-21
ital assets distributed via airdrops to Bitcoin ad-22
dresses are accounted for and reasonably stored in 23
the Strategic Bitcoin Reserve. 24
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(2) PROHIBITION ON IMMEDIATE SALE .—No 1
digital asset stored in the Strategic Bitcoin Reserve 2
that is the result of a fork or airdrop may be sold 3
or otherwise disposed of during the 5-year period be-4
ginning on the date of the fork or airdrop, unless ex-5
plicitly authorized by law. 6
(3) E
VALUATION AND DISPOSITION AFTER THE 7
HOLDING PERIOD.— 8
(A) M
ARKET CAPITALIZATION ASSESS -9
MENT.—Upon the expiration of the 5-year hold-10
ing period described in paragraph (2), the Sec-11
retary shall conduct an assessment to determine 12
which digital asset resulting from a fork has the 13
highest publicly traded market capitalization. 14
(B) R
ETENTION OF DOMINANT ASSET .— 15
The Secretary shall retain the digital asset with 16
the highest publicly traded market capitaliza-17
tion that resulted from the fork. 18
(C) D
ISPOSITION OF NON-DOMINANT AS-19
SETS.—The Secretary may sell, auction, or oth-20
erwise dispose of any digital assets resulting 21
from the fork other than the asset identified 22
pursuant to subparagraph (B), with the pro-23
ceeds from such disposition to be deposited in 24
the general fund of the Treasury. 25
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(D) EXCEPTION FOR NOVEL UTILITY .—If 1
the Secretary, in consultation with the Sec-2
retary of Commerce and industry experts, de-3
termines that a non-dominant forked asset pos-4
sesses novel technological utility or strategic 5
value to the United States distinct from the 6
dominant asset, the Secretary may recommend 7
to Congress the retention of such asset, not-8
withstanding subparagraph (C). 9
SEC. 5. BITCOIN PURCHASE PROGRAM. 10
(a) E
STABLISHMENT.— 11
(1) I
N GENERAL.—The Secretary shall establish 12
a Bitcoin Purchase Program which shall— 13
(A) purchase 200,000 Bitcoins per year 14
over a 5-year period, for a total acquisition of 15
1,000,000 Bitcoins; 16
(B) conduct purchases in a transparent 17
and strategic manner to minimize market dis-18
ruption; and 19
(C) hold Bitcoin acquired under this sec-20
tion in trust for the United States, as provided 21
in this section. 22
(2) F
LEXIBILITY RELATING TO PURCHASES .— 23
The Secretary shall, by rule, establish a procedure to 24
adjust the purchase schedule set forth under para-25
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graph (1), if necessary, based on prevailing market 1
conditions. 2
(3) T
RANSFER OFFSET .—Any Bitcoin trans-3
ferred to the Strategic Bitcoin Reserve under section 4
7 may offset the purchase requirements under para-5
graph (1). 6
(b) D
EPOSIT.—All Bitcoins purchased under the 7
Bitcoin Purchase Program shall be placed in the Strategic 8
Bitcoin Reserve. 9
(c) M
INIMUMHOLDINGPERIOD.— 10
(1) I
N GENERAL.—To ensure the long-term sta-11
bility and security of the Strategic Bitcoin Reserve, 12
the Secretary shall hold all Bitcoin acquired by the 13
United States and deposited in the Strategic Bitcoin 14
Reserve, regardless of acquisition method, for not 15
less than 20 years from the date of acquisition. 16
(2) R
ETENTION OF BITCOIN.—During the min-17
imum holding period under paragraph (1), no 18
Bitcoin held in the Strategic Bitcoin Reserve may be 19
sold, swapped, auctioned, encumbered, or otherwise 20
disposed of for any purpose. 21
(3) R
ECOMMENDATIONS AFTER HOLDING PE -22
RIOD.— 23
(A) I
N GENERAL.—On the date that is 2 24
years before the end of the minimum holding 25
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period under paragraph (1), the Secretary shall 1
submit to Congress recommendations on wheth-2
er to continue to voluntarily hold or to allow for 3
the gradual and controlled release of a portion 4
of the holdings of the Strategic Bitcoin Reserve 5
for the sole purpose of reducing the national 6
debt. 7
(B) R
ECOMMENDATION .—Upon the expira-8
tion of the minimum holding period, the Sec-9
retary shall not recommend selling more than 10
10 percent of the assets of the Strategic Bitcoin 11
Reserve during any 2-year period. 12
(d) P
UBLICREPORTS.—Not later than 1 year after 13
the date of enactment of this Act, and annually thereafter 14
for a period of 20 years, the Secretary shall publish an 15
annual public report on the status of the Bitcoin Purchase 16
Program. 17
(e) A
DDITIONALBITCOINACQUISITIONS.— 18
(1) I
N GENERAL.—Notwithstanding the pur-19
chase limit established in subsection (a)(1)(A), the 20
United States may acquire and hold Bitcoin in ex-21
cess of 1,000,000 Bitcoins if such Bitcoin is ac-22
quired through— 23
(A) transfers from Federal agencies pursu-24
ant to section 7; 25
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(B) civil or criminal forfeitures; 1
(C) gifts or bequests made to the United 2
States; or 3
(D) any other lawful means other than di-4
rect purchase under subsection (a)(1). 5
(2) T
REATMENT OF ADDITIONAL HOLDINGS .— 6
Any Bitcoin acquired pursuant to paragraph (1) 7
shall— 8
(A) be placed in the Strategic Bitcoin Re-9
serve; 10
(B) be subject to the same security, audit-11
ing, and reporting requirements as Bitcoin ac-12
quired through the Bitcoin Purchase Program; 13
and 14
(C) be subject to the minimum holding pe-15
riod established in subsection (c)(1). 16
(3) L
IMITATION.—Nothing in this subsection 17
shall be construed to authorize the Secretary to pur-18
chase Bitcoin in excess of the limits established in 19
subsection (a)(1)(A) through the Bitcoin Purchase 20
Program. 21
(f) C
OORDINATIONWITHEXCHANGESTABILIZATION 22
F
UND.—The Secretary shall coordinate Bitcoin purchases 23
made through the Bitcoin Purchase Program with any 24
Bitcoin purchases made through the Exchange Stabiliza-25
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tion Fund under section 5302 of title 31, United States 1
Code, as amended by section 11 of this Act. 2
SEC. 6. PROOF OF RESERVE SYSTEM. 3
To ensure transparency and accountability in the 4
management of the Strategic Bitcoin Reserve, the Sec-5
retary shall establish an ongoing Proof of Reserve system 6
of public cryptographic attestation under which— 7
(1) the Secretary shall— 8
(A) publish quarterly reports on the Stra-9
tegic Bitcoin Reserve that include detailed in-10
formation on the total holdings, transactions, 11
and demonstrated control of private keys relat-12
ing to the Strategic Bitcoin Reserve, including 13
a public cryptographic attestation; 14
(B) make the quarterly reports available to 15
the public on an official website of the Depart-16
ment of Treasury; and 17
(C) select an independent, third-party 18
auditor with expertise in cryptographic attesta-19
tions to verify the accuracy and integrity of the 20
quarterly reports; and 21
(2) the Comptroller General of the United 22
States shall, to ensure compliance with this Act, con-23
duct regular oversight of— 24
(A) the Strategic Bitcoin Reserve; 25
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(B) the quarterly reports under paragraph 1
(1)(A); and 2
(C) the audits under paragraph (1)(C). 3
SEC. 7. CONSOLIDATION OF GOVERNMENT BITCOIN HOLD-4
INGS. 5
Beginning on the date of enactment of this Act, any 6
Bitcoin under the control of any Federal agency, including 7
the United States Marshal Service, shall— 8
(1) not be sold, swapped, auctioned, or other-9
wise encumbered; and 10
(2) upon the acquisition of legal title to such 11
Bitcoin (including after a final, unappealable judg-12
ment is entered in a criminal or civil forfeiture ac-13
tion in favor of the Federal agency), be transferred 14
by the head of such Federal agency to the Strategic 15
Bitcoin Reserve. 16
SEC. 8. VOLUNTARY STATE PARTICIPATION AND SEG-17
REGATED ACCOUNTS. 18
(a) V
OLUNTARYSTATEPARTICIPATION.—The Sec-19
retary shall establish a program that allows a State to vol-20
untarily participate in storing the Bitcoin holdings of the 21
State in the Strategic Bitcoin Reserve in a segregated ac-22
count. 23
(b) P
ARTICIPATIONREQUIREMENTS.—A State choos-24
ing to participate in the program established under sub-25
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section (a) shall sign a contractual agreement outlining 1
the terms and conditions of participation, which shall in-2
clude— 3
(1) the responsibilities of both the State and 4
the Strategic Bitcoin Reserve in managing and se-5
curing the Bitcoin holdings of the State in the seg-6
regated account of the State; 7
(2) a requirement that the State, in coordina-8
tion with the Secretary, develop and implement ap-9
propriate security protocols and access controls to 10
ensure the integrity and confidentiality of the seg-11
regated account of the State; and 12
(3) retention of title, and all attendant legal in-13
terests, by the State in the Bitcoin held in the seg-14
regated account, including title to any digital asset 15
that is the result of a fork or airdrop relating to 16
such Bitcoin. 17
(c) W
ITHDRAW ORTRANSFER.—Each State partici-18
pating in the program established under subsection (a) 19
shall have the right to withdraw or transfer the contents 20
of the segregated account of the State within the Strategic 21
Bitcoin Reserve, subject to the terms and conditions in 22
the signed contractual agreement under subsection (b) and 23
any applicable Federal regulations. 24
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(d) LIMITATION OFLIABILITY.—Any agreement en-1
tered into under subsection (b) shall include an explicit 2
acknowledgment by the State that digital asset custody 3
carries inherent risks that cannot be eliminated com-4
pletely, and that the State assumes all risks associated 5
with the voluntary placement of its digital assets in the 6
Strategic Bitcoin Reserve. 7
SEC. 9. OFFSETTING THE COST OF THE STRATEGIC 8
BITCOIN RESERVE. 9
(a) D
ISCRETIONARYSURPLUSFUNDS OFFEDERAL 10
R
ESERVEBANKS.—Section 7(a)(3)(A) of the Federal Re-11
serve Act (12 U.S.C. 289(a)(3)(A)) is amended by striking 12
‘‘$6,825,000,000’’ and inserting ‘‘$2,400,000,000’’. 13
(b) U
SE OFREMITTANCES TOTREASURY.— 14
(1) I
N GENERAL.—Notwithstanding the second 15
subsection (b) of section 7 of the Federal Reserve 16
Act (12 U.S.C. 290), for fiscal years 2025 through 17
2029, if the Federal reserve banks remit net earn-18
ings to the general fund of the Treasury during that 19
period, the first $6,000,000,000 of these remittances 20
(before repayment of any deferred asset) in a fiscal 21
year shall be utilized by the Secretary for the imple-22
mentation of the Bitcoin Purchase Program, pursu-23
ant to the purposes set forth under section 5. 24
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(2) EXCEPTION.—Paragraph (1) shall not 1
apply if the Federal Reserve banks do not remit net 2
earnings in any given fiscal year during the period 3
of fiscal years 2025 through 2029. 4
(c) F
EDERALRESERVESYSTEMGOLDCERTIFI-5
CATES.—Not later than 180 days after the date of enact-6
ment of this Act, the Federal reserve banks shall tender 7
all outstanding gold certificates in their custody to the 8
Secretary. Not later than 90 days after the tender of the 9
last such certificate, the Secretary shall issue new gold 10
certificates to the Federal reserve banks that reflect the 11
fair market value price of the gold held against such cer-12
tificates by the Treasury, as of the date specified by the 13
Secretary on each new gold certificate. Upon issue by the 14
Secretary, each Federal reserve bank that receives a new 15
gold certificate shall remit the difference in cash value be-16
tween the old and new gold certificates to the Secretary 17
for deposit in the general fund within 90 days. 18
(d) U
SE OFGOLDCERTIFICATEREMITTANCES.— 19
(1) I
N GENERAL.—Funds remitted to the Sec-20
retary under subsection (c) shall be allocated as fol-21
lows: 22
(A) An amount necessary to fund the 23
Bitcoin Purchase Program, as established in 24
section 5, shall be reserved for that purpose, up 25
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to the full amount required to purchase 1
1,000,000 Bitcoins under the program. 2
(B) Any funds in excess of the amount 3
necessary to fully fund the Bitcoin Purchase 4
Program shall be deposited in the general fund 5
of the Treasury to reduce the public debt. 6
(2) P
RIORITY USE.—Funds allocated under 7
paragraph (1)(A) shall be used for Bitcoin purchases 8
under the Bitcoin Purchase Program before utilizing 9
the remittances described in subsection (b) for such 10
purchases. 11
(3) A
NNUAL REPORT.—The Secretary shall in-12
clude in the annual report required under section 13
5(d) an accounting of all funds received under sub-14
section (c) and their allocation pursuant to this sub-15
section. 16
(e) C
ONFORMINGAMENDMENT.—Section 5117(b) of 17
title 31, United States Code, is amended by striking ‘‘(for 18
the purpose of issuing those certificates, of 42 and two- 19
ninths dollars a fine troy ounce)’’. 20
SEC. 10. PROTECTION OF PRIVATE PROPERTY RIGHTS. 21
(a) R
ULES OFCONSTRUCTION.—Nothing in this Act 22
shall be construed to— 23
(1) authorize the Federal Government to seize, 24
confiscate, or otherwise impair any property right in 25
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the lawfully acquired Bitcoin holdings of any person; 1
or 2
(2) infringe upon the rights of individuals, busi-3
nesses, or organizations to purchase, hold, transfer, 4
or dispose of Bitcoin in accordance with the law. 5
(b) A
FFIRMATION OFRIGHTS.—This Act affirms and 6
protects the rights of persons to maintain full lawful con-7
trol over the Bitcoin and other digital assets of those indi-8
viduals, recognizing that the ability to maintain self-cus-9
tody of private keys is fundamental to the principles of 10
financial sovereignty, privacy, and personal liberty in the 11
digital age. 12
SEC. 11. MODIFICATION OF EXCHANGE STABILIZATION 13
FUND. 14
(a) I
NGENERAL.—Section 5302 of title 31, United 15
States Code, is amended— 16
(1) in subsection (a)(1), by inserting ‘‘section 5 17
of the BITCOIN Act of 2025,’’ after ‘‘section 3 of 18
the Special Drawing Rights Act (22 U.S.C. 286o),’’; 19
and 20
(2) in subsection (b), in the first sentence, by 21
striking ‘‘gold, foreign exchange, and other instru-22
ments of credit and securities’’ and inserting ‘‘gold, 23
Bitcoin, foreign exchange, and other instruments of 24
credit and securities’’. 25
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(b) TRANSPARENCY AND ACCOUNTABILITY.—Section 1
5302(c) of title 31, United States Code, is amended— 2
(1) in paragraph (1), by inserting ‘‘, including 3
a detailed accounting of any Bitcoin transactions 4
and holdings’’ after ‘‘all projected liabilities’’; and 5
(2) in paragraph (2), by inserting ‘‘, including 6
a specific accounting of any Bitcoin purchased, sold, 7
or held by the fund during the year preceding the 8
report’’ after ‘‘on the operation of the fund’’. 9
Æ
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