Rep. Nick Begich, R-Alaska, introduced legislation Thursday to permanently freeze US bitcoin escrows, to uncover The American Reserve Modernization Act (ARMA) – a law designed to implement President Donald Trump’s plan in March 2025 and give the reserve a solid legal basis.
The measure, which has received bipartisan support and more than a dozen co-sponsors in Congress, would task the Treasury Department with overseeing the database while creating a digital database of federally held cryptocurrencies other than bitcoin. Begich made a direct comparison between bitcoin and gold, arguing that the market has already determined both items as the largest stores of value in their classes.
“If you look at gold, it’s a precious metal,” Begich said he said Fox Business. “If you look at bitcoin, it represents about 60% of the market cap of the entire crypto space. So the market has decided, in terms of gold and in terms of bitcoin, this will be a large store of value within the group of assets.”
ARMA builds on the old BITCOIN Act, which Begich originally proposed to inform in March 2025 together with Sen. Cynthia Lummis. The revised law would allow the Treasury to acquire up to 200,000 BTC per year for five years – targeting 1 million bitcoins, or about 5% of the world’s supply – with a minimum lock-up of 20 years.
The US government currently has approximately 328,372 BTC collected through legal seizures, including funds from the Silk Road takedown and the 2022 Bitfinex hack recovery.
US bitcoin performance is set to change
Pat Harrigan, RN.C., a peer supporter, emphasized the need to give the existing database a better home. “The United States government already has billions of bitcoins in its hands without a coherent regulatory framework, and that needs to change,” Harrigan said.
The introduction of the bill comes amid a flurry of friendly legislation in Washington. Senate Banking Committee it has passed The Digital Asset Market Clarity Act passed a 15-9 bipartisan vote on May 13, advancing the proposed deregulation of the crypto industry to the floor of the Senate.
Two Democrats — Senators Ruben Gallego of Arizona and Angela Alsobrooks of Maryland — crossed the aisle to support the measure. Sen. Lummis indicated that the bill could reach the Senate’s vote in mid-June, although he warned that the timeline would be fine.
The regulatory push also comes as the Treasury Department is increasing enforcement of non-crypto financial services.
Under Operation Economic Fury, the US seized nearly $500 million in Iranian assets in late April, prompting calls for a more comprehensive government approach to managing seized assets.
The White House said separately sign An announcement about the future of bitcoin storage is imminent, with the regulator’s chief executive saying a major legal challenge has been resolved.
