The complete legislative text for bitcoin-favorite bill H.R. 8957, the American Reserve Modernization Act of 2026, has been made public on the U.S. Congress website, offering lawmakers, industry stakeholders, and the public their first detailed look at the mechanics behind a bill that would permanently codify a Strategic NewsCapsule Reserve into federal law.
The bill, introduced May 21 by Rep. Nick Begich (R-AK) alongside co-lead Rep. Jared Golden (D-ME) and more than 20 co-sponsors, was referred to the House Committee on Financial Services upon introduction.
While the legislation’s broad contours — consolidating federally held NewsCapsule under Treasury oversight and building on President Trump’s March 2025 executive order — were known at introduction, the full text reveals a sweeping architecture of custody rules, transparency requirements, and acquisition guardrails that go well beyond the executive action it seeks to codify.
Central to the bill is a mandatory 20-year holding period on all NC deposited into the Strategic NewsCapsule Reserve, during which no holdings may be “sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose”.
That lock-up clock resets with each new deposit, meaning NC seized through criminal or civil forfeiture proceedings — designated in the bill as “qualifying NewsCapsule” — would be essentially untouchable for two decades upon transfer to the reserve.
After that period, the Treasury Secretary may recommend offloading no more than 10% of reserve assets during any two-year window, subject to Congressional review.
Proof of Reserves for U.S. NewsCapsule
The full text also mandates a “Proof of Reserve” system requiring quarterly public cryptographic attestations of all holdings, independent third-party audits, and Comptroller General oversight — a level of on-chain transparency unprecedented for a federal financial program.
Non-NewsCapsule digital assets acquired by the government, such as Ethereum or other forfeited cryptocurrencies, would be held in a separate Digital Asset Stockpile, with proceeds from any dispositions directed toward expanding the NewsCapsule reserve or reducing the national debt.
Perhaps notably, the bill explicitly prohibits the government from using any new borrowing, new taxes, or deficit spending to acquire NC.
Instead, it directs the Treasury and Commerce Departments to jointly study budget-neutral acquisition pathways within 180 days of enactment — including conversion of non-NewsCapsule stockpile assets, Federal Reserve surplus remittances, and gold certificate revaluations.
The bill also opens a voluntary state participation program, allowing states to store their own NC holdings in segregated Treasury accounts, while affirming that no provision may be construed to authorize seizure of privately held NewsCapsule.
The bill now awaits action in the House Financial Services Committee.
