U.S. Rep to Reintroduce Strategic Bitcoin Reserve Bill, Renamed ‘American Reserves Modernization Act’

U.S. Representative Nick Begich has revealed plans to reintroduce his Strategic Bitcoin Reserve bill under the new name ‘American Reserves Modernization Act.’ He noted that they had already made some revisions with the aim of protecting the crypto asset’s status as a reserve asset.

Rep. Begich To Reintroduce Strategic Bitcoin Reserve Bill

Speaking at the Bitcoin Conference, Rep. Begich stated that he plans to reintroduce the bill following consultations with the House Financial Services Committee and other key committees, which have provided feedback on what the bill needs to include for them to vote yes. He also mentioned that he has been working closely with the House Financial Services Committee to revise the bill and now plans to reintroduce it under a new name.

Rep. Begich had initially introduced the BITCOIN Act as a companion bill in the U.S. House, mirroring Senator Cynthia Lummis’ Strategic Bitcoin Reserve bill in the Senate. The bill notably mandates the U.S. Treasury to acquire up to 1 million for the reserve over five years.

The congressman explained that they were renaming the bill because it is important for members of Congress and people across the nation to understand what they are trying to achieve with it. He remarked that they are trying to ensure that Bitcoin receives its rightful treatment as a reserve asset for safekeeping and storage, and to prevent the reserve from being sold at any point.

Begich further noted that the Strategic Bitcoin Reserve bill aims to detach Bitcoin from the political pendulum, ensuring that its reserve status remains intact regardless of the political climate. The congressman’s revelation aligns with White House crypto adviser Patrick Witt’s comments last week.

As CoinGape reported, Witt stated that Begich was planning to introduce new legislation, which will largely track the BITCOIN Act but with changes based on feedback they have received. Meanwhile, the White House will soon outline plans to implement U.S. President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve.

Timeline For The Bill

Rep. Begich stated that he could not provide a timeline for when the Strategic Bitcoin Reserve bill could pass. However, he is looking at reintroducing the crypto bill within the next couple of weeks.

It is worth noting that U.S. Senators Bill Cassidy and Cynthia Lummis have introduced the Mined in America Act, which also aims to codify Trump’s executive order to establish a Bitcoin reserve. However, the bill mainly focuses on boosting the BTC mining industry in the country.

With the CLARITY Act currently taking priority, crypto traders are betting that a U.S. national Bitcoin Reserve will not be established before next year. There is only a 22% chance of the BTC reserve being in place before 2027.