TL;DR
Two House members just introduced a bill to make the strategic Bitcoin reserve permanent. The American Reserve Modernization Act, or ARMA, would force the Treasury to hold Bitcoin for at least 20 years. Token Metrics technicals on BTC read bearish right now, with the coin trading near $77,000 and down about 5% over the past week. The bill has 17 co-sponsors and bipartisan backing, but it still faces real hurdles before it becomes law.
Context
Bitcoin’s place in U.S. government policy has been on shaky ground. President Trump created a strategic Bitcoin reserve by executive order in May 2025. That was a symbolic win for the crypto industry. But executive orders can be reversed. A future president could undo the whole thing overnight.
That’s the gap ARMA tries to close. The American Reserve Modernization Act would give the reserve the weight of law. Congress would have to act to dismantle it. That’s a much higher bar than a presidential signature.
There’s also a practical problem the bill addresses. The federal government holds billions in digital assets from forfeitures and penalties. Right now, those assets are scattered across agencies with no consistent policy. Some administrations have auctioned them off. Others held them. ARMA would require consolidation and mandate a proof-of-reserve report, adding transparency that currently doesn’t exist.
The political backdrop matters too. Treasury Secretary Scott Bessent already ruled out any agency purchases of Bitcoin. A former White House official had said the administration wanted to buy as much Bitcoin as possible in a budget-neutral way. Those two positions don’t line up. ARMA sidesteps the buying debate by focusing on what the government already has.
What Token Metrics Data Shows
Data as of May 21, 2026.
Token Metrics technicals on BTC read bearish. The trend has flipped bearish, and Bitcoin is trading sideways inside its recent range. Momentum sits in the middle, not stretched in either direction. Volatility is moderate, so the market isn’t pricing in a dramatic near-term swing. First support sits near $74,000, with next resistance near $81,500.
Bitcoin is trading near $77,000, essentially flat on the day but down about 5% over the past week. Market cap sits at roughly $1.5 trillion. The coin is holding inside its range for now, but the trend bias is pointing down.
Polymarket gives almost no chance to extreme near-term moves. The market on Bitcoin hitting $90,000 before May 25 sits near 0.15% — about $12,700 above current price. The market on a drop to $35,000 in May is similarly near 0.15%. Traders are not pricing in a big catalyst from this bill in the short term.
Token Metrics Daily Pulse flagged this story as a lead change item, reflecting the significance of bipartisan legislative action on the reserve.
What’s New
Rep. Nick Begich (R-AK) introduced ARMA on Thursday, May 21. Rep. Jared Golden (D-ME) signed on as the primary Democratic co-lead. That’s notable. Bipartisan crypto bills are rare. Golden isn’t a crypto cheerleader. His involvement signals the reserve idea has appeal beyond the digital assets base.
The bill counts 17 original co-sponsors. One of them is Rep. Mike Collins (R-GA), who made headlines as one of the first members of Congress to disclose a meme coin investment.
Here’s what ARMA would actually do. It directs the Treasury to create and hold a Bitcoin reserve for a minimum of 20 years. It requires the consolidation of crypto held across federal agencies. It mandates a proof-of-reserve report for transparency. And it creates a separate stockpile for other government-held cryptocurrencies.
Golden put it plainly in a statement. Administrations have “auctioned [crypto] off or held it in reserve. According to the whims of the executive branch.” A stockpile under ARMA, he said, would have the “weight of law.”
Begich framed it as an insurance policy. He argued the bill protects crypto holdings from “the whims of Congress or future administrations” while giving the U.S. flexibility to broaden its reserve assets over time.
The timing is deliberate. The Trump-era reserve created by executive order is still being worked out. Patrick Witt, executive director of the President’s Council of Advisors for Digital Assets. Said at a Las Vegas conference that the administration has spent months figuring out the legal side of the initiative. ARMA would replace that legal uncertainty with a statute.
Critics haven’t gone quiet. Rep. Maxine Waters (D-CA), ranking member of the House Financial Services Committee. Warned when the executive order landed that the reserve benefits Trump insiders. She argued crypto “has no inherent value” compared to traditional reserve assets. That opposition hasn’t softened, and it will be a factor in any committee vote.
Sen. Cynthia Lummis (R-WY) introduced the BITCOIN Act last year. That bill directs Treasury to buy 1 million Bitcoin over five years. ARMA takes a different approach: it focuses on holding what the government already has, rather than buying more. The two bills aren’t in conflict, but they represent different theories of how to build a national Bitcoin position.
What to Watch
- Committee assignment and hearing date. ARMA needs to clear committee before it reaches a floor vote. Watch for a hearing date in the House Financial Services Committee. No hearing scheduled means no momentum.
- Bessent’s response. Treasury Secretary Scott Bessent already ruled out agency Bitcoin purchases. If he signals opposition to the reserve being codified into law, that’s a significant obstacle. A statement of support would be the opposite signal.
- The Lummis BITCOIN Act. If the Senate version gains traction at the same time, the two bills could be merged or fast-tracked together. Watch for Senate co-sponsors on either measure.
- BTC price action around $74,000 support. Token Metrics data shows first support near $74,000. If Bitcoin breaks below that level while the bill is in committee, it could shift the political calculus on urgency.
- Smart-money flow direction. If on-chain flows flip from net selling to net buying around key legislative dates, that would suggest the market is starting to price in passage. A sustained flip negative would suggest the opposite.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
