A new bill, introduced by bipartisan lawmakers on Thursday, aims to establish a US Strategic Bitcoin Reserve. The measure aims to accumulate around 1,000,000 Bitcoins over a period of five years.
The American Reserve Modernization Act of 2030 would establish a Strategic Bitcoin Reserve and Digital Asset Stockpile (for other federally-held cryptocurrencies), which would then be held by US Treasury Department. said Nick Begich, the sponsor of this bill.
The ARMA Act was sponsored by 16 Members of Congress and builds upon the BITCOIN act, introduced in July 2020, updated in March 2019.
Source: Nick Begich
Patrick Witt of President’s Council of Advisors for Digital Assets was interviewed on Sunday. referred ARMA is a “Version 2” The White House said it has taken a long time to examine the legal implications of establishing a Bitcoin Reserve.
“It’s a breakthrough as far as getting everything in place, legally sound, properly safeguarding the assets.”
The push for a federal policy comes as the US currently holds 328,372 Bitcoin worth more than $25.5 billion — the most of any nation-state — but has sold portions of those holdings through court-ordered actions over the years.
“The US is already one of the largest holders of Bitcoin in the world. But Congress has never set a federal policy on what to do with that asset,” US Representative Jared Golden is one of 16 cosponsors.
Under ARMA Bitcoin must remain in a wallet for a minimum 20-year period, unless sold to help reduce the US national debt. The total amount of American debt topped $39.9 trillion this Wednesday.
ARMA is a similar act to the BITCOIN law, which aims to buy up to 1,000,000 Bitcoins in five years, but without using any taxpayer funds.
US Representative Mike Carey stated that digital assets are growing in importance and the bill can help strengthen America’s economy for years to come. “competitive on the world stage.”
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Matt Cole is the CEO and chairman of Strive. said ARMA (Army Reserves of America) is the “single most important crypto legislation” Washington DC is a possible source for news.
ARMA would strengthen property rights, transparency and other measures
Quarterly proof of reserve Reports and audits by independent third parties Bitcoin reserve Begich stated that the book would be released under ARMA.
This bill aims to safeguard digital property rights, affirming the fact that federal governments cannot interfere with the individual’s right to self-custody or ownership of digital assets.
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Source: cointelegraph.com
