Sec. 4. Establishment of Strategic Bitcoin Reserve
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/bill/119/s/954/is/section-4·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Secretary shall establish a decentralized network of secure Bitcoin storage facilities distributed across the United States, collectively to be known as the Strategic Bitcoin Reserve for the cold storage of Government Bitcoin holdings. The Strategic Bitcoin Reserve shall be used for the generation, safekeeping, and management of Bitcoin private keys associated with Government Bitcoin holdings. The Secretary shall be responsible for the ongoing monitoring and auditing of the holdings of the Strategic Bitcoin Reserve.
The Secretary shall ensure that the facilities of the Strategic Bitcoin Reserve are geographically dispersed throughout the United States, to minimize the risk of simultaneous compromise and to enhance the resilience of the Strategic Bitcoin Reserve. The Secretary shall select the locations for the facilities described in paragraph
(1)based on a comprehensive risk assessment, prioritizing geographic diversity, security, and accessibility. The Secretary shall implement state-of-the-art physical and digital security measures to protect the Strategic Bitcoin Reserve. The Secretary shall consult and collaborate with the Secretary of Defense, the Secretary of Homeland Security, and industry experts to ensure the highest level of physical and digital security for the Strategic Bitcoin Reserve. The Secretary shall ensure that, with respect to Bitcoins controlled by the Strategic Bitcoin Reserve, all digital assets resulting from forks of the Bitcoin distributed ledger and digital assets distributed via airdrops to Bitcoin addresses are accounted for and reasonably stored in the Strategic Bitcoin Reserve. No digital asset stored in the Strategic Bitcoin Reserve that is the result of a fork or airdrop may be sold or otherwise disposed of during the 5-year period beginning on the date of the fork or airdrop, unless explicitly authorized by law. Upon the expiration of the 5-year holding period described in paragraph (2), the Secretary shall conduct an assessment to determine which digital asset resulting from a fork has the highest publicly traded market capitalization. The Secretary shall retain the digital asset with the highest publicly traded market capitalization that resulted from the fork. The Secretary may sell, auction, or otherwise dispose of any digital assets resulting from the fork other than the asset identified pursuant to subparagraph (B), with the proceeds from such disposition to be deposited in the general fund of the Treasury. If the Secretary, in consultation with the Secretary of Commerce and industry experts, determines that a non-dominant forked asset possesses novel technological utility or strategic value to the United States distinct from the dominant asset, the Secretary may recommend to Congress the retention of such asset, notwithstanding subparagraph (C).