U.S. financial giant Charles Schwab said the Strategic Bitcoin Reserve bill’s passage by the House Financial Services Committee could be an important first step toward becoming law.
The firm expressed this view after the bill establishing a strategic Bitcoin reserve cleared the U.S. House Financial Services Committee.
Earlier, on the 16th local time, the committee passed the U.S. Reserve Modernization Act (H.R. 8957), which would establish a strategic Bitcoin reserve, by a vote of 28 to 21.
The bill would place Bitcoin acquired by the federal government, including through seizures, into a strategic reserve managed by the Treasury Department.
For the committee-approved bill to become law, it must next pass the full House and the Senate. After completing the congressional approval process, the bill must ultimately be signed by the president to formally take effect.