by Coinstrooper Crypto Articles
Quick Take
  • The votes arrived one day after the Senate failed to invoke cloture on the CLARITY Act.
  • The vote stalled a key effort to establish a clearer regulatory framework for the crypto industry.
  • The Digital Asset Market Clarity (CLARITY) Act failed to advance in the US Senate on September 15.
  • The next morning, two separate bills cleared committee, evidence that work on digital assets has continued on other tracks.

What Happened

The House Financial Services Committee approved H.R. 8957, the American Reserve Modernization Act, by 28-21. Representative Nick Begich introduced the bill in May.

The House Ways and Means Committee passed H.R. 10357, the Digital Asset Tax Certainty Act, by 38-5. Chairman Jason Smith introduced the bill on September 14.

Market Context

The Digital Asset Market Clarity (CLARITY) Act failed to advance in the US Senate on September 15. House Financial Services Chairman French Hill and House Agriculture Chairman Glenn Thompson said afterward that Congress still needs to set rules for the sector.

Why It Matters

Two House committees advanced crypto legislation on Wednesday, approving a bill to establish a Strategic Bitcoin (BTC) Reserve and a separate measure setting federal tax rules for digital assets.

The votes arrived one day after the Senate failed to invoke cloture on the CLARITY Act. The vote stalled a key effort to establish a clearer regulatory framework for the crypto industry.

Details

Two Committees, Two Separate Tracks

The next morning, two separate bills cleared committee, evidence that work on digital assets has continued on other tracks.

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The measure would place federally forfeited Bitcoin in a Treasury reserve and hold it for at least 20 years. A separate stockpile would cover other digital assets.

“We cannot allow Bitcoin to be held by the federal government to languish in fragmented and inconsistent custody… It directs the Treasury Department to centralize the custody of all Bitcoin and other digital assets seized through the final criminal and civil forfeiture…” Representative Bryan Steil said.

According to Arkham Intelligence, the US government is estimated to hold 324,527 Bitcoin worth $24.8 billion at the time of writing.

Lawmakers Advance Crypto Tax Bill

The bill seeks to establish a clear tax framework for digital assets. It also extends wash-sale rules to digital assets.

“This legislation would be the first-ever federal law to address the substantive tax treatment of cryptocurrencies and other digital assets – affecting the one in four Americans that currently hold some form of cryptocurrency, more than 67 million people,” Chairman Smith stated.

Each now needs a House floor vote, Senate passage, and a presidential signature, with the 119th Congress ending in January.

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The post Is a Strategic Bitcoin Reserve Closer to Becoming Law? A House Panel Just Voted 28-21 appeared first on BeInCrypto.