Two House committees advanced crypto legislation on September 16, approving a bill to establish a Strategic Bitcoin Reserve and a separate measure setting federal tax rules for digital assets.
The votes came one day after the Senate failed to advance the CLARITY Act, a key effort to establish a clearer regulatory framework for the crypto industry. House Financial Services Chairman French Hill and House Agriculture Chairman Glenn Thompson said Congress still needs to set rules for the sector.
Bitcoin Reserve Bill Clears Financial Services Committee
The House Financial Services Committee approved H.R. 8957, the American Reserve Modernization Act, by a vote of 28-21. Representative Nick Begich introduced the bill in May.
The measure would direct the Treasury Department to centralize custody of all Bitcoin and other digital assets seized through criminal and civil forfeiture. Bitcoin would be held in a federally managed reserve for at least 20 years, with a separate stockpile designated for other digital assets.
According to available estimates, the U.S. government holds approximately 324,527 Bitcoin. Representative Bryan Steil said the legislation prevents Bitcoin seized by the federal government from remaining in fragmented custody arrangements.
Tax Framework Approved With Bipartisan Support
The House Ways and Means Committee passed H.R. 10357, the Digital Asset Tax Certainty Act, by a vote of 38-5. Chairman Jason Smith introduced the bill on September 14.
The bill seeks to establish the first federal tax framework specifically addressing cryptocurrencies and other digital assets. It extends wash-sale rules to digital assets. Chairman Smith noted the legislation would affect one in four Americans who currently hold some form of cryptocurrency.
Path Forward
Both bills must pass the full House, receive Senate approval, and be signed by the president before becoming law. The 119th Congress ends in January.
