Sec. 5. Bitcoin Purchase Program

490 words·~2 min read·/bill/119/s/954/is/section-5

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The Secretary shall establish a Bitcoin Purchase Program which shall— purchase 200,000 Bitcoins per year over a 5-year period, for a total acquisition of 1,000,000 Bitcoins; conduct purchases in a transparent and strategic manner to minimize market disruption; and hold Bitcoin acquired under this section in trust for the United States, as provided in this section. The Secretary shall, by rule, establish a procedure to adjust the purchase schedule set forth under paragraph (1), if necessary, based on prevailing market conditions.

Any Bitcoin transferred to the Strategic Bitcoin Reserve under section 7 may offset the purchase requirements under paragraph (1). All Bitcoins purchased under the Bitcoin Purchase Program shall be placed in the Strategic Bitcoin Reserve. To ensure the long-term stability and security of the Strategic Bitcoin Reserve, the Secretary shall hold all Bitcoin acquired by the United States and deposited in the Strategic Bitcoin Reserve, regardless of acquisition method, for not less than 20 years from the date of acquisition.

During the minimum holding period under paragraph (1), no Bitcoin held in the Strategic Bitcoin Reserve may be sold, swapped, auctioned, encumbered, or otherwise disposed of for any purpose. On the date that is 2 years before the end of the minimum holding period under paragraph (1), the Secretary shall submit to Congress recommendations on whether to continue to voluntarily hold or to allow for the gradual and controlled release of a portion of the holdings of the Strategic Bitcoin Reserve for the sole purpose of reducing the national debt.

Upon the expiration of the minimum holding period, the Secretary shall not recommend selling more than 10 percent of the assets of the Strategic Bitcoin Reserve during any 2-year period. Not later than 1 year after the date of enactment of this Act, and annually thereafter for a period of 20 years, the Secretary shall publish an annual public report on the status of the Bitcoin Purchase Program. Notwithstanding the purchase limit established in subsection (a)(1)(A), the United States may acquire and hold Bitcoin in excess of 1,000,000 Bitcoins if such Bitcoin is acquired through— transfers from Federal agencies pursuant to section 7; civil or criminal forfeitures; gifts or bequests made to the United States; or any other lawful means other than direct purchase under subsection (a)(1).

Any Bitcoin acquired pursuant to paragraph

(1)shall— be placed in the Strategic Bitcoin Reserve; be subject to the same security, auditing, and reporting requirements as Bitcoin acquired through the Bitcoin Purchase Program; and be subject to the minimum holding period established in subsection (c)(1). Nothing in this subsection shall be construed to authorize the Secretary to purchase Bitcoin in excess of the limits established in subsection (a)(1)(A) through the Bitcoin Purchase Program. The Secretary shall coordinate Bitcoin purchases made through the Bitcoin Purchase Program with any Bitcoin purchases made through the Exchange Stabilization Fund under section 5302 of title 31, United States Code, as amended by section 11 of this Act.