U.S. Congress re-promotes bill to stockpile 1 million Bitcoin... Will it shake up the market?

▲ Bitcoin (BTC) ©Coinreaders

The U.S. Congress has once again brought out the '1 million BTC purchase' card. Market attention is focusing as efforts to codify a Strategic Bitcoin Reserve into federal law gain momentum.

According to investment media FXStreet on May 22 (local time), the U.S. Congress is re-promoting the 'American Reserves Modernization Act (ARMA)', which includes securing up to 1 million BTC over five years. This bill also includes a 'digital asset stockpile' system to manage other digital assets held by the government, along with the Strategic Bitcoin Reserve, and stipulates that the U.S. Treasury Department will manage it.

The bill was introduced by Representative Nick Begich, with a total of 16 members of Congress participating as co-sponsors. ARMA is considered a revised and supplemented version of the BITCOIN Act, which was first introduced in 2024. Patrick Witt, a member of the Presidential Digital Asset Advisory Committee, described ARMA as "version 2.0 of the BITCOIN Act," explaining that the White House has been closely reviewing the legal structure of Bitcoin reserves.

The U.S. government currently holds approximately 328,372 BTC, valued at over $25.5 billion. This is the largest holding among all countries worldwide. However, the U.S. government has previously sold some Bitcoin under court orders, and this bill aims to establish clear federal policy standards for the management of such assets.

ARMA stipulates that acquired Bitcoin must be held for a minimum of 20 years. However, sales are possible for the purpose of national debt reduction. The U.S. national debt currently exceeds $39 trillion. Furthermore, the bill is designed to secure up to 1 million BTC through a 'budget-neutral approach' rather than taxes. Representative Mike Carey argued that this bill could strengthen America's long-term economic competitiveness in a situation where the importance of digital assets is growing.

The bill also includes provisions for enhanced transparency. It mandates the disclosure of quarterly proof-of-reserve reports and independent external audit results for the Bitcoin reserve, and also states that the federal government cannot infringe upon individuals' rights to self-custody digital assets. Matt Cole, CEO of Strive, called ARMA "the most important cryptocurrency bill that could come out of Washington."

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