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Code · BILL · 119th Congress · S. 954 (Introduced in Senate) — To establish a Strategic Bitcoin Reserve and other programs to ensure the transparent management of Bitcoin holdings... · Sec. 8

Sec. 8. Voluntary State Participation and Segregated Accounts

255 words·~1 min read·/bill/119/s/954/is/section-8

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

The Secretary shall establish a program that allows a State to voluntarily participate in storing the Bitcoin holdings of the State in the Strategic Bitcoin Reserve in a segregated account. A State choosing to participate in the program established under subsection
(a)shall sign a contractual agreement outlining the terms and conditions of participation, which shall include— the responsibilities of both the State and the Strategic Bitcoin Reserve in managing and securing the Bitcoin holdings of the State in the segregated account of the State; a requirement that the State, in coordination with the Secretary, develop and implement appropriate security protocols and access controls to ensure the integrity and confidentiality of the segregated account of the State; and retention of title, and all attendant legal interests, by the State in the Bitcoin held in the segregated account, including title to any digital asset that is the result of a fork or airdrop relating to such Bitcoin. Each State participating in the program established under subsection
(a)shall have the right to withdraw or transfer the contents of the segregated account of the State within the Strategic Bitcoin Reserve, subject to the terms and conditions in the signed contractual agreement under subsection
(b)and any applicable Federal regulations. Any agreement entered into under subsection
(b)shall include an explicit acknowledgment by the State that digital asset custody carries inherent risks that cannot be eliminated completely, and that the State assumes all risks associated with the voluntary placement of its digital assets in the Strategic Bitcoin Reserve.
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