U.S. Lawmaker Revives Bitcoin Reserve Proposal with New “American Reserves Modernization Act”

U.S. Representative Nick Begich has announced plans to reintroduce his Strategic Bitcoin Reserve legislation under a new name, the “American Reserves Modernization Act,” signaling renewed efforts to position Bitcoin as a national reserve asset. The updated bill reflects feedback from the House Financial Services Committee and other key stakeholders, with revisions designed to strengthen Bitcoin’s role in the U.S. financial system.

Speaking at the Bitcoin Conference, Begich confirmed that the revised crypto bill incorporates recommendations aimed at securing broader political support. He emphasized ongoing collaboration with lawmakers to ensure the proposal meets the criteria necessary for approval. The original legislation, introduced as the BITCOIN Act, mirrored Senator Cynthia Lummis’ Senate bill and proposed that the U.S. Treasury acquire up to 1 million Bitcoin over a five-year period.

According to Begich, the rebranding of the bill is intended to clarify its purpose for both Congress and the public. The initiative seeks to formally recognize Bitcoin as a reserve asset, ensuring its long-term storage and preventing future liquidation. By doing so, the legislation aims to shield Bitcoin from political fluctuations and maintain its status regardless of changes in government leadership.

The proposal aligns with recent statements from White House crypto adviser Patrick Witt, who indicated that updated legislation would closely follow the original framework while incorporating necessary improvements. At the same time, the administration is expected to release plans for implementing former President Donald Trump’s executive order related to establishing a Strategic Bitcoin Reserve.

While Begich did not provide a specific timeline for the bill’s passage, he indicated that reintroduction could happen within weeks. Meanwhile, other legislative efforts, such as the “Mined in America Act” led by Senators Bill Cassidy and Cynthia Lummis, are also gaining traction, focusing on strengthening domestic Bitcoin mining.

Despite growing momentum, market sentiment suggests delays. With competing priorities like the CLARITY Act, analysts estimate only a 22% chance that a U.S. Bitcoin reserve will be established before 2027, leaving crypto investors watching closely for further developments.