US lawmakers have introduced a bill urging the US Treasury to submit a report on the feasibility and technical reservations of the Strategic BitCoin Reserve and the US digital asset storage, which has been created by President Donald Trump.
The House’s Specifications Bill, introduced by Representative David P Joyce on Friday, includes two parts that instruct the Treasury Department to submit a report on the feasibility, custody, legal authority for digital assets by the federal government within 90 days of the bill’s implementation.
The bill also urges the agency to submit their plan for mutual transfer, how the assets will be represented under the federal government’s balance sheet, and all third party contractors who may be responsible for the assets.
For this, the Department of Treasury has also demanded that it submit any potential obstacles to its implementation and assess that the Reserve’s Treasury Department will have the impact on the Fund Fund.
In March, US President Donald Trump signed an executive order to establish a strategic bitcoin reserve and digital asset storage, which would use government -seized crypto for both funds. US Treasury Secretary Scott Basant has reaffirmed that the agency is also “looking for a budget neutral route” to strengthen the BitCoin reserve.
The new Bill BitCoin represents some movement in the US plan to create a reserve. It will consider the entire house, and if approved, it will move forward in the Senate.
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In a post to the X on Thursday, Joyce expressed his gratitude to the House of Committee to advance its extensive bill.
“This law ensures that the federal government is responsible, taking advantage of new technology, and focusing on national security,” Joyce added.
Other countries promote efforts for the Crypto Reserve
In Central Asia, the President of the Republic of Kazakhstan, Casim Jamert Tokyv, on Monday, presented plans for the country’s crypto efforts, including a strategic crypto reserve.
He intended to raise a state fund to raise “promised assets in the new digital financial system” for digital assets.
Meanwhile, the Philippine Congress in August was considering the proposal for the establishment of a 10,000 -bit coin strategic reserve, which could make Bitcoin the first country to adopt Bitcoin as a strategic asset.
According to Bitbo, currently, countries holding BitCoin in their own reserves exceed 517,000 BTCs, which are 2.46 % of Bitcoin’s total supply.
Magazine: BitCoin may sink ‘below $ 50K’ in the bear, Justin Sun’s WLFI Story: Hodler Digest, August 31. September 6
