The committee voted 28-21 to report H.R. 8957 favorably, marking a crucial step in the legislative process. The bill, sponsored by Rep. Nicholas Begich of Alaska, aims to create a Strategic Bitcoin Reserve and a separate Digital Asset Stockpile within the Treasury Department. This legislation builds upon President Donald Trump’s executive order from March 6, 2025, which directed the establishment of a Strategic Bitcoin Reserve and outlined guidelines for asset management.

Under the proposed legislation, qualifying federal Bitcoin would be placed in the reserve, while other digital assets would be held in a separate stockpile. Assets required for other purposes would be excluded from the reserve, ensuring that only relevant government-owned holdings are considered for inclusion.

One key provision of the bill is the requirement for Bitcoin deposited in the reserve to remain there for at least 20 years from enactment. During this holding period, the assets cannot be sold, swapped, auctioned, or disposed of in any way. Additionally, the Treasury would be tasked with conducting a study within one year of enactment to explore possible conditions for early sales and make legislative recommendations for exceptions.

The legislation also includes provisions for annual reporting and oversight, with requirements for public cryptographic proof of reserves, annual reports on holdings and transactions, and verification by an independent third-party auditor. The Comptroller General would oversee the reserve, reports, and audits on a regular basis to ensure compliance.

Furthermore, the bill mandates that Treasury and Commerce conduct a study within 180 days of enactment to assess the risks, costs, and potential benefits of acquiring additional Bitcoin. This study would inform future decisions on expanding the reserve’s holdings.

Overall, the American Reserve Modernization Act of 2026 aims to establish a clear framework for managing federal Bitcoin holdings and ensuring transparency and accountability in the process. The next steps involve further legislative action to solidify these obligations and potentially expand the reserve’s holdings in the future.

CEO Nischal Shetty took to Twitter to express his hopes for a positive outcome, indicating that the results will be verified by a third-party independent team. If the majority of customers voted in favor of the restructuring scheme, WazirX will seek court approval to return funds to its users. The process is expected to be completed by the end of April 2025.

However, amid this crisis, some crypto influencers have accused WazirX of paying money to influencers for promoting positive responses about the exchange. Pushpendra Singh Kushwaha, a prominent Indian crypto influencer, claimed that many influencers were endorsing WazirX due to financial incentives. He revealed that he was offered a paid promotion opportunity by WazirX but declined in solidarity with the exchange’s creditors.

Additionally, reports suggest that WazirX CEO has been blocking users who raise genuine concerns about the restructuring scheme. Despite these allegations, a majority of users seem to trust WazirX, as indicated by a poll conducted by another crypto influencer on Twitter.

In a significant development, the National Consumer Disputes Redressal Commission (NCDRC) dismissed a lawsuit filed against WazirX by a creditor due to the absence of specific regulations governing digital assets in India. Justice AP Sahi highlighted the need for legislative action to address claims related to crypto exchanges like WazirX and called for the involvement of regulatory bodies like the Financial Intelligence Unit and the Indian Cyber Crime Coordination Centre.

As the crypto community awaits the final decision on the Exchange Recovery Scheme and the regulatory landscape for digital assets in India evolves, investors are advised to exercise caution and seek professional financial advice before making any investment decisions. The world of technology is constantly evolving, and with each passing day, new innovations are being introduced that change the way we live and work. One of the most significant advancements in recent years has been the rise of artificial intelligence (AI) technology.

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