In brief
- Reps. Nick Begich (R-AK) and Jared Golden (D-ME) introduced the American Reserve Modernization Act.
- The bill seeks formally codify a strategic Bitcoin reserve into federal law, which would be managed for at least 20 years.
- Aimed at cementing a core Trump administration promise, the initiative has faced ongoing hurdles.
Rep. Nick Begich (R-AK) introduced legislation on Thursday aimed at enshrining a strategic reserve for Bitcoin in federal law, seeking to cement one of President Donald Trump’s core campaign promises for digital asset holders ahead of the high-stakes U.S. midterm elections.
The American Reserve Modernization Act, or ARMA, would direct the Treasury Department to create and maintain a reserve of the digital asset for a minimum of 20 years, while establishing a stockpile for other cryptocurrencies held by the government.
The legislation also mandates the consolidation of what is believed to be billions of dollars in digital assets held across federal agencies—attained through actions like forfeitures and penalties—while providing transparency through a proof-of-reserve report.
As of last month, the strategic reserve for Bitcoin that Trump created via executive order is still a work in progress. At a conference in Las Vegas, Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets, said the current administration has spent months “figuring out” the legal interpretations associated with the initiative.
America’s reserves balance sheet is a critical component of our nation’s insurance policy, bolstering our currency and providing assurance during times of uncertainty. Over time, the prevailing sentiment as to what constitutes a durable store of value can shift, and as such it is… pic.twitter.com/7XfBwAWFGi
— Congressman Nick Begich (@RepNickBegich) May 21, 2026
Joining Begich as the bill’s primary Democratic co-lead is Rep. Jared Golden (D-ME). The ARMA Act meanwhile counts 17 original co-sponsors, including Rep. Mike Collins (R-GA), among the first lawmakers to disclose an investment in a meme coin on Capitol Hill.
“Administrations have auctioned [crypto] off or held it in reserve, according to the whims of the executive branch,” Golden said in a statement, noting that a stockpile created under the ARMA Act would enjoy the “weight of law.”
Although a former administration official had said that the White House was eager to purchase as much Bitcoin as possible in a “budget-neutral way,” Treasury Secretary Scott Bessent later dented enthusiasm by ruling out any agency purchases.
The bill is aimed at providing the flexibility needed to broaden America’s portfolio of reserve assets that effectively serve as insurance policy, while also safeguarding crypto from “the whims of Congress or future administrations,” Begich said in an X post on Thursday.
Established in May 2025 with a stroke of the president’s pen, the strategic reserve for Bitcoin was swiftly skewered by critics, including Rep. Maxine Waters (D-CA), the ranking member of the House Financial Services Committee, who warned of benefits for Trump insiders.
“Typically, when the government holds strategic reserves, it is for an essential input that powers the U.S. economy and day-to-day life for American families,” she said. “Crypto, however, does not fall into these categories, because it has no inherent value.”
Although the much-hyped stockpile’s creation represented a symbolic win for the digital assets industry, the government has yet to announce any allocations. Last year, Sen. Cynthia Lummis (R-WY) re-introduced the BITCOIN Act, a bill that directs the Treasury to purchase 1 million Bitcoin over five years in a way that seeks to avoid taxing citizens.
Decrypt has reached out to Begich and Golden for comment.