Two sections of US home spending invoice On Friday, filed on Friday, the Treasury will seek to study the feasibility of strategic Bitcoin reserves and request that they outline custody, cybersecurity and accounting for government-held digital assets.
The bill, reported by Representative David Joyce (R-OH), was approved by the House Budget Committee and on September 5th published a docket for the House measures, including spending and revenues, on the union calendar.
The lawmaker’s press did not return anytime soon. Decrypt’s Request a comment.
Lawmakers now want to determine whether the Treasury is ready and explain in detail how it will be governed, from custody and cybersecurity to legal authority and interagency coordination.
Section 137 of the bill directs the Treasury to report on “the practicality of establishing strategic Bitcoin reserves and US digital asset stockpile.”
Meanwhile, Section 138 requires a 90-day plan covering “custom construction, legal authorities, cybersecurity protocols, and interagency procedures” of federal digital assets.
“If passed, this means that the Treasury is addressing the exact same operational and legal issues that custodians in all agencies in this field face,” said Kurt Watkins, founder of technology-centric law firm Watkins Legal. Decryption.
Once set, the Treasury Department defines “bidcoin custody standards, key management practices, and accounting treatments at the federal level,” and their choices could set a “broader industry baseline,” Watkins said.
This provision is built on the march of President Donald Trump. Presidential Orderwhich of A reserve has been created concept.
“Trump’s executive order created a strategic Bitcoin reserve framework, but blurred the mechanism,” Watkins said.
The bill suggests that Congress is “moving to disgrace it to the law, requiring the US Treasury to request that the void be filled.”
Assuming the bill passes, he explained, the Treasury Department “will need to lay out whether the reserve is viable, how custody is structured, and what legal authority it depends on.”
It also says, “It tries to define how cybersecurity protection is implemented, how interagency transfers work, and even how Bitcoin and other digital assets are reserved on the government’s balance sheet.
The bill is currently awaiting considerations on the House floor. There, it proceeds to extensive negotiations over federal spending.
Discover more from Earlybirds Invest
Subscribe to get the latest posts sent to your email.
