American legislators seek a treasure report on viability, Bitcoin’s security controlled by the government

Two sections of the assignments of an US house. bill On Friday requested, he requests that the Treasury Department study the viability of a strategic Bitcoin reserve and scheme, cybersecurity and accounting of digital assets controlled by the government.

Reported by representative David Joyce (R-OH), the bill was approved by the Chamber Assignments Committee and, on September 5, it was placed in the Calendar of the Union, the file of the Chamber Measures that involved expenses and income that are eligible for the consideration of the floor.

Congressman’s press office did not return immediately Decipher Request for comments.

Legislators now want treasure to determine whether a reserve is feasible and explain how it would be governed, from custody and cybersecurity to the legal authority and coordination between agencies.

Section 137 of the bill instructs the Treasury to inform about “the practitionability of establishing a strategic bitcoins reserve and reserve of digital assets of the United States”, including its impact on the Treasury Paraiber Fund and the authorities that could allow asset transfers.

Section 138, meanwhile, requires a 90 -day plan that covers the “custody architecture, legal authorities, cybersecurity protocols and inter -institutional procedures” for digital assets held by the federal government.

“If approved, this will mean that the treasure is addressing exactly the same operational and legal problems as each institutional custodian in this space,” said Kurt Watkins, founder of the law firm focused on legal Watkins technology. Decipher.

Once established, the Treasury would define “custody standards, key management practices and accounting treatment for Bitcoin at the federal level”, with those options that probably establish “a baseline for the industry in general,” Watkins said.

The provisions are based on the march of President Donald Trump Executive orderwhich created the reservation in concept.

“Trump’s executive order created the framework for a strategic Bitcoin reserve, but left the vague mechanics,” Watkins said.

The bill suggests that Congress “is now moving to consecrate it in the law and require the United States Department of the Treasury to fill the blank spaces,” Watkins said.

Assuming that the bill is approved, the Treasury must “establish whether a reservation is possible, how custody would be structured, in which legal authority it would depend,” he explained.

In addition, it would also seek to define “what cybersecurity protections would be in their place, how interagential transfers and even how Bitcoin and other digital assets in the government’s balance would be reserved,” Watkins said.

The bill now expects consideration on the floor of the camera, where its progress will depend on broader negotiations on federal expenditure.