Tom Emmer says 1M Bitcoin reserve will be enacted under current Congress

The BITCOIN Act proposes the acquisition of 1 million BTC over the course of five years, with a minimum holding period of 20 years.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Congressman and Vice Chairman of the Digital Assets Subcommittee Tom Emmer believes the strategic Bitcoin (BTC) reserve plan to acquire 1 million BTC will be enacted before the end of this Congress.

While participating in the Digital Asset Summit, he acknowledged the multiple bills to implement state-level Bitcoin reserves. According to data from the Bitcoin Laws, 23 US states have legislation proposing Bitcoin reserves.

Emmer said:

“So, yes, there is legislation. And I believe that before this Congress is done, that will be enacted.”

He also shared that the Digital Assets Subcommittee is deeply interested in stablecoins, as they represent an “enhanced form of currency” and expand access to the US dollar.

1M BTC in 5 years

Regarding the Bitcoin reserve, Emmer referenced the recently reintroduced BITCOIN Act, authored by Senator Cynthia Lummis and cosponsored by five Republican Senators.

The legislation authorizes the US government to add up to 1 million BTC to its treasury over five years, funded by the Federal Reserve’s net earnings and adjustments to Treasury certificates based on the Fed’s gold holdings.

The amount acquired would then be held for at least 20 years, managed by the Treasury Department. The bill allows divesting, although it prevents any Treasury Secretary from reducing more than 10% of the reserve within a two-year timeframe.

President Donald Trump’s Bitcoin reserve plans were introduced in an executive order signed on March 7 and are separate from legislative efforts being made by lawmakers.

The executive order focuses on maintaining Bitcoin seized by US authorities as a long-term store of value and does not establish timeframes for acquiring or holding BTC. Estimates suggest that the US currently has nearly 200,000 BTC.

Additionally, it mandates that any Bitcoin purchase should happen through budget-neutral strategies devised by Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick.

Mentioned in this article

Author

Gino Matos

Reporter at CryptoSlate

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

Editor

Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.