U.S. Representative Nick Begich of Alaska and Representative Jared Golden of Maine introduced the “American Reserve Modernization Act” (ARMA), which proposes to establish a strategic Bitcoin reserve at the U.S. Department of the Treasury and set up an independent digital asset reserve to manage the non-Bitcoin digital assets held by the federal government. The bill requires federal agencies to uniformly report and hand over their digital assets; the U.S. Department of the Treasury will centrally custody and manage them, while also introducing a quarterly “reserve proof,” third-party audits, and a mechanism for congressional oversight. Under the bill, the Bitcoin in the strategic Bitcoin reserve must be held for at least 20 years, and it requires research on budget-neutral accumulation plans that do not increase taxes, the fiscal deficit, or the national debt.