House Committees Advance Strategic Bitcoin Reserve and Digital Asset Tax Bills

On Wednesday, two separate House committees moved forward with crypto‑related legislation. The Financial Services Committee approved the American Reserve Modernization Act (H.R. 8957) by a 28‑21 vote, while the Ways and Means Committee passed the Digital Asset Tax Certainty Act (H.R. 10357) by a 38‑5 vote.

Strategic Bitcoin Reserve Bill

The American Reserve Modernization Act would require the Treasury Department to centralize custody of all Bitcoin and other digital assets seized through criminal and civil forfeiture. Seized Bitcoin would be placed in a Treasury reserve for a minimum of 20 years, with a separate stockpile for other digital assets. The bill was introduced by Rep. Nick Begich in May.

Digital Asset Tax Certainty Act

The Digital Asset Tax Certainty Act aims to provide a clear federal tax framework for digital assets, including extending wash‑sale rules to cryptocurrencies. The legislation was introduced by Rep. Jason Smith on September 14 and is described as the first federal law to address the substantive tax treatment of cryptocurrencies.

Next Steps

Both measures now require a vote on the House floor, Senate approval, and the President’s signature before becoming law. The 119th Congress is set to conclude in January.