The House of Representatives' ARMA Act is much more practical than the Bitcoin Act, with confiscated coins added to reserves + 20-year lock-up + quarterly audits, a clear path, and less political resistance. It feels more like a version that can truly be implemented.

CryptoWorld News reports that, according to the official website of the U.S. Congress, the U.S. House of Representatives bill titled the “U.S. Reserve Modernization Act” (H.R.8957, ARMA) has been made public. It was introduced on May 21 by Nicholas Begich, a House member from Alaska, and has now been referred to the House Financial Services Committee for review. The bill would include bitcoins obtained from criminal or civil forfeiture in the strategic reserves managed by the Treasury Department, set a minimum 20-year holding period, and establish a quarterly reserve proof and independent audit mechanism. In addition, the bill requires the Treasury Department and the Department of Commerce to study ways to increase bitcoin holdings in a budget-neutral manner within 180 days. Analysts say that, compared with the “Bitcoin Act,” which calls for the purchase of 1,000,000 bitcoins, ARMA is more moderate and has higher political feasibility.