,,ii  #aah? ,,congress  #b;d ,session   
,s4 #diab  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ca1 #bjbd,ms4   
,lummis introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to e/abli% a ,/rategic ,bitco9 
,res]ve & o!r programs to ensure !      
transp>5t managem5t ( ,bitco9 hold+s ( !
 ,f$]al ,gov]nm5t1 to (fset co/s utiliz+
 c]ta9 res\rces ( ! ,f$]al ,res]ve      
,sy/em1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,boo/+  
,innovation1 ,te*nology1 &              
,competitiv5ess ?r\gh ,optimiz$         
,inve/m5t ,nationwide ,act ( #bjbd or ! 
,,bitco9 ,act ( #bjbd4  #b4 ,f9d+s      
,congress f9ds ! foll[+3 7#a7 ,! global 
f9ancial l&scape is rapidly evolv+1 )   
digital assets play+ an increas+ly      
significant role 9 ! _w economy4  7#b7  
,bitco9 has demon/rat$ resili5ce1       
widespread adoption1 & s]v$ z a m$ium ( 
ex*ange & a /ore ( value = m ?an a      
decade4  7#c7 ,j z gold res]ves h       

hi/orically s]v$ z a corn]/one (        
national f9ancial security1 ,bitco9     
repres5ts a digital-age asset capable ( 
enhanc+ ! f9ancial lead]%ip & security (
 ! ,unit$ ,/ates 9 ! #ba/ c5tury global 
economy4  7#d7 ,! acquisition & long-t]m
 /orage ( sub/antial quantities (       
,bitco9 by ! ,unit$ ,/ates c /r5g!n !   
f9ancial condition ( ! ,unit$ ,/ates1   
provid+ a h$ge aga9/ economic unc]ta9ty 
& monet>y in/ability4  7#e7 ,bitco91 z a
 dec5traliz$ & f9itely sc>ce digital    
asset1 (f]s unique prop]ties t complem5t
 exi/+ national res]ves1 /r5g!n+ !      
position ( ! ,unit$ ,/ates doll> 9 !    
global f9ancial sy/em4  7#f7            
,div]sification ( ! national assets ( ! 
,unit$ ,/ates to include ,bitco9 c      
enhance f9ancial resili5ce & position ! 
,unit$ ,/ates at ! =efront ( global     
f9ancial innovation4  #c4 ,def9itions ,9
 ?is ,act3 7#a7 ,airdrop ,! t]m airdrop 
means a gratuit\s di/ribution ( digital 
assets to hold]s ( ,bitco9 9 a broad1   
equitable1 & non-discretion>y mann]4    

7#b7 ,bitco9 ,pur*ase ,program ,! t]m   
,bitco9 ,pur*ase ,program means !       
program e/abli%$ "u section #e7;a74     
7#c7 ,cold /orage ,! t]m cold /orage    
means a me?od ( /or+ private keys       
requir$ to transact 9 ,bitco91 ) a nexus
 to a secure physical location1 protect$
 f unau?oriz$ access & isolat$ f any    
network connections4  7#d7 ,=k ,! t]m =k
 means a *ange to ! cons5sus me*anism ( 
a di/ribut$ l$g] t creates a sep>ate    
l$g]1 result+ 9 a new digital asset t   
%>es a common transaction hi/ory )      
,bitco9 up to ! po9t ( ! *ange4  7#e7   
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury4  7#f7 ,/rategic
 ,bitco9 ,res]ve ,! t]m ,/rategic       
,bitco9 ,res]ve means ! dec5traliz$     
network ( secure ,bitco9 /orage         
facilities e/abli%$ pursuant to section 
#d7;a74  #d4 ,e/abli%m5t ( ,/rategic    
,bitco9 ,res]ve  7a7 ,e/abli%m5t ,!     
,secret>y %all e/abli% a dec5traliz$    
network ( secure ,bitco9 /orage         
facilities di/ribut$ across ! ,unit$    

,/ates1 collectively to be kn[n z !     
,/rategic ,bitco9 ,res]ve = ! cold      
/orage ( ,gov]nm5t ,bitco9 hold+s4  7b7 
,purpose ,! ,/rategic ,bitco9 ,res]ve   
%all be us$ = ! g5]ation1 safekeep+1 &  
managem5t ( ,bitco9 private keys        
associat$ ) ,gov]nm5t ,bitco9 hold+s4   
7c7 ,ov]sight ,! ,secret>y %all be      
responsible = ! ongo+ monitor+ & audit+ 
( ! hold+s ( ! ,/rategic ,bitco9        
,res]ve4  7d7 ,dec5tralization  7#a7 ,9 
g5]al ,! ,secret>y %all ensure t !      
facilities ( ! ,/rategic ,bitco9 ,res]ve
 are geographically disp]s$ ?r\gh\t !   
,unit$ ,/ates1 to m9imize ! risk (      
simultane\s compromise & to enhance !   
resili5ce ( ! ,/rategic ,bitco9 ,res]ve4
  7#b7 ,location selection ,! ,secret>y 
%all select ! locations = ! facilities  
describ$ 9 p>agraph 7#a7 bas$ on a      
compreh5sive risk assessm5t1 prioritiz+ 
geographic div]sity1 security1 &        
accessibility4  7e7 ,security measures  
7#a7 ,9 g5]al ,! ,secret>y %all implem5t
 /ate-(-!-art physical & digital        

security measures to protect ! ,/rategic
 ,bitco9 ,res]ve4  7#b7 ,consultation ,!
 ,secret>y %all consult & collaborate ) 
! ,secret>y ( ,def5se1 ! ,secret>y (    
,homel& ,security1 & indu/ry exp]ts to  
ensure ! highe/ level ( physical &      
digital security = ! ,/rategic ,bitco9  
,res]ve4  7f7 ,ret5tion ( =ks & airdrops
  7#a7 ,9 g5]al ,! ,secret>y %all ensure
 t1 ) respect to ,bitco9s controll$ by !
 ,/rategic ,bitco9 ,res]ve1 all digital 
assets result+ f =ks ( ! ,bitco9        
di/ribut$ l$g] & digital assets         
di/ribut$ via airdrops to ,bitco9       
addresses are acc\nt$ = & reasonably    
/or$ 9 ! ,/rategic ,bitco9 ,res]ve4     
7#b7 ,prohibition on imm$iate sale ,no  
digital asset /or$ 9 ! ,/rategic ,bitco9
 ,res]ve t is ! result ( a =k or airdrop
 may be sold or o!rwise dispos$ ( dur+ !
 #e-ye> p]iod beg9n+ on ! date ( ! =k or
 airdrop1 unless explicitly au?oriz$ by 
law4  #e4 ,bitco9 ,pur*ase ,program  7a7
 ,e/abli%m5t  7#a7 ,9 g5]al ,! ,secret>y
 %all e/abli% a ,bitco9 ,pur*ase        

,program :i* %all-- 7,a7 pur*ase n m ?an
 #bjj1jjj ,bitco9s p] ye> ov] a #e-ye>  
p]iod1 = a total acquisition (          
#a1jjj1jjj ,bitco9s2  7,b7 conduct      
pur*ases 9 a transp>5t & /rategic mann] 
to m9imize m>ket disruption2 &  7,c7    
hold ,bitco9 acquir$ "u ?is section 9   
tru/ = ! ,unit$ ,/ates1 z provid$ 9 ?is 
section4  7#b7 ,flexibility relat+ to   
pur*ases ,! ,secret>y %all1 by rule1    
e/abli% a proc$ure to adju/ ! pur*ase   
s*$ule set =? "u p>agraph 7#a71 if      
necess>y1 bas$ on prevail+ m>ket        
conditions4  7#c7 ,transf] (fset ,any   
,bitco9 transf]r$ to ! ,/rategic ,bitco9
 ,res]ve "u section #g may (fset !      
pur*ase requirem5ts "u p>agraph 7#a74   
7b7 ,deposit ,all ,bitco9s pur*as$ "u ! 
,bitco9 ,pur*ase ,program %all be plac$ 
9 ! ,/rategic ,bitco9 ,res]ve4  7c7     
,m9imum ,hold+ ,p]iod  7#a7 ,9 g5]al ,to
 ensure ! long-t]m /ability & security (
 ! ,/rategic ,bitco9 ,res]ve1 !         
,secret>y %all hold all ,bitco9 acquir$ 
?r\gh ! ,bitco9 ,pur*ase ,program = n   

less ?an #bj ye>s4  7#b7 ,ret5tion (    
,bitco9 ,dur+ ! m9imum hold+ p]iod "u   
p>agraph 7#a71 no ,bitco9 held 9 !      
,/rategic ,bitco9 ,res]ve may be sold1  
swapp$1 auction$1 encumb]$1 or o!rwise  
dispos$ ( = any purpose o!r ?an retir+  
out/&+ ,f$]al debt in/rum5ts4  7#c7     
,recomm5dations aft] hold+ p]iod  7,a7  
,9 g5]al ,on ! date t is #a ye> be=e !  
end ( ! m9imum hold+ p]iod "u p>agraph  
7#a71 ! ,secret>y %all submit to        
,congress recomm5dations on :e!r to     
cont9ue to volunt>ily hold or to all[ = 
! gradual & controll$ release ( a       
portion ( ! hold+s ( ! ,/rategic ,bitco9
 ,res]ve4  7,b7 ,recomm5dation ,^u !    
expiration ( ! m9imum hold+ p]iod1 !    
,secret>y %all n recomm5d sell+ m ?an   
#aj p]c5t ( ! assets ( ! ,/rategic      
,bitco9 ,res]ve dur+ any #b-ye> p]iod4  
7d7 ,public reports ,n lat] ?an #a ye>  
aft] ! date ( enactm5t ( ?is ,act1 &    
annually !reaft] = a p]iod ( #bj ye>s1 !
 ,secret>y %all publi% an annual public 
report on ! /atus ( ! ,bitco9 ,pur*ase  

,program4  #f4 ,pro( ( ,res]ve ,sy/em   
,to ensure transp>5cy & acc\ntability 9 
! managem5t ( ! ,/rategic ,bitco9       
,res]ve1 ! ,secret>y %all e/abli% a     
qu>t]ly ,pro( ( ,res]ve sy/em ( public  
cryptographic atte/ation "u :i*-- 7#a7 !
 ,secret>y %all-- 7,a7 publi% qu>t]ly   
reports on ! ,/rategic ,bitco9 ,res]ve t
 include detail$ in=mation on ! total   
hold+s1 transactions1 & demon/rat$      
control ( private keys relat+ to !      
,/rategic ,bitco9 ,res]ve1 includ+ a    
public cryptographic atte/ation2  7,b7  
make ! qu>t]ly reports available to !   
public on an (ficial website ( !        
,dep>tm5t ( ,treasury2 &  7,c7 select an
 indep5d5t1 ?ird-p>ty auditor ) exp]tise
 9 cryptographic atte/ations to v]ify ! 
accuracy & integrity ( ! qu>t]ly        
reports2 &  7#b7 ! ,comptroll] ,g5]al ( 
! ,unit$ ,/ates %all1 to ensure         
compliance ) ?is ,act1 conduct regul>   
ov]sight (-- 7,a7 ! ,/rategic ,bitco9   
,res]ve2  7,b7 ! qu>t]ly reports "u     
p>agraph 7#a77;,a72 &  7,c7 ! audits "u 

p>agraph 7#a77;,c74  #g4 ,consolidation 
( ,gov]nm5t ,bitco9 ,hold+s ,beg9n+ on !
 date ( enactm5t ( ?is ,act1 any ,bitco9
 "u ! control ( any ,f$]al ag5cy1       
includ+ ! ,unit$ ,/ates ,m>%al ,s]vice1 
%all-- 7#a7 n be sold1 swapp$1 auction$1
 or o!rwise encumb]$2 &  7#b7 ^u !      
acquisition ( legal title to su* ,bitco9
 7includ+ aft] a f9al1 unappealable     
judgm5t is ent]$ 9 a crim9al or civil   
=feiture action 9 favor ( ! ,f$]al      
ag5cy71 be transf]r$ by ! head ( su*    
,f$]al ag5cy to ! ,/rategic ,bitco9     
,res]ve4  #h4 ,volunt>y ,/ate           
,p>ticipation & ,segregat$ ,acc\nts  7a7
 ,volunt>y ,/ate p>ticipation ,!        
,secret>y %all e/abli% a program t all[s
 a ,/ate to volunt>ily p>ticipate 9 /or+
 ! ,bitco9 hold+s ( ! ,/ate 9 !         
,/rategic ,bitco9 ,res]ve 9 a segregat$ 
acc\nt4  7b7 ,p>ticipation requirem5ts  
,a ,/ate *oos+ to p>ticipate 9 ! program
 e/abli%$ "u subsection 7a7 %all sign a 
contractual agreem5t outl9+ ! t]ms &    
conditions ( p>ticipation1 :i* %all     

include-- 7#a7 ! responsibilities ( bo? 
! ,/ate & ! ,/rategic ,bitco9 ,res]ve 9 
manag+ & secur+ ! ,bitco9 hold+s ( !    
,/ate 9 ! segregat$ acc\nt ( ! ,/ate2   
7#b7 a requirem5t t ! ,/ate1 9          
coord9ation ) ! ,secret>y1 develop &    
implem5t appropriate security protocols 
& access controls to ensure ! integrity 
& confid5tiality ( ! segregat$ acc\nt ( 
! ,/ate2 &  7#c7 ret5tion ( title1 & all
 att5dant legal int]e/s1 by ! ,/ate 9 ! 
,bitco9 held 9 ! segregat$ acc\nt1      
includ+ title to any digital asset t is 
! result ( a =k or airdrop relat+ to su*
 ,bitco94  7c7 ,)draw or transf] ,ea*   
,/ate p>ticipat+ 9 ! program e/abli%$ "u
 subsection 7a7 %all h ! "r to )draw or 
transf] ! cont5ts ( ! segregat$ acc\nt (
 ! ,/ate )9 ! ,/rategic ,bitco9 ,res]ve1
 subject to ! t]ms & conditions 9 !     
sign$ contractual agreem5t "u subsection
 7b7 & any applicable ,f$]al            
regulations4  #i4 ,(fsett+ ! co/ ( !    
/rategic ,bitco9 res]ve  7a7            
,discretion>y surplus funds ( f$]al     

res]ve banks ,section #g7;a77#c77;,a7 ( 
! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4    
#bhi7;a77#c77;,a77 is am5d$ by /rik+    
#f1hbe1jjj1jjj;& ins]t+ #b1djj1jjj1jjj4 
7b7 ,use ( remittances to treasury  7#a7
 ,9 g5]al ,not)/&+ ! second subsection  
7b7 ( section #g ( ! ,f$]al ,res]ve ,act
 7#ab ,u4,s4,c4 #bij71 = fiscal ye>s    
#bjbe ?r\gh #bjbi1 if ! ,f$]al res]ve   
banks remit net e>n+s to ! g5]al fund ( 
! ,treasury dur+ t p]iod1 ! fir/        
#f1jjj1jjj1jjj ( ^! remittances 7be=e   
repaym5t ( any def]r$ asset7 9 a fiscal 
ye> %all be utiliz$ by ! ,secret>y = !  
implem5tation ( ! ,bitco9 ,pur*ase      
,program1 pursuant to ! purposes set =? 
"u section #e4  7#b7 ,exception         
,p>agraph 7#a7 %all n apply if ! ,f$]al 
,res]ve banks d n remit net e>n+s 9 any 
giv5 fiscal ye> dur+ ! p]iod ( fiscal   
ye>s #bjbe ?r\gh #bjbi4  7c7 ,f$]al     
res]ve sy/em gold c]tificates ,n lat]   
?an #ahj days aft] ! date ( enactm5t (  
?is ,act1 ! ,f$]al res]ve banks %all    
t5d] all out/&+ gold c]tificates 9 _!   

cu/ody to ! ,secret>y4 ,n lat] ?an #ij  
days aft] ! t5d] ( ! la/ su* c]tificate1
 ! ,secret>y %all issue new gold        
c]tificates to ! ,f$]al res]ve banks t  
reflect ! fair m>ket value price ( !    
gold held aga9/ su* c]tificates by !    
,treasury1 z ( ! date specifi$ by !     
,secret>y on ea* new gold c]tificate4   
,^u issue by ! ,secret>y1 ea* ,f$]al    
res]ve bank t receives a new gold       
c]tificate %all remit ! diff]5ce 9 ca%  
value betwe5 ! old & new gold           
c]tificates to ! ,secret>y = deposit 9 !
 g5]al fund )9 #ij days4  7d7 ,con=m+   
am5dm5t ,section #eaag7;b7 ( title #ca1 
,unit$ ,/ates ,code1 is am5d$ by /rik+  
7= ! purpose ( issu+ ^? c]tificates1 (  
#db & two-n9?s doll>s a f9e troy ounce74
  #aj4 ,protection ( ,private ,prop]ty  
,rights  7a7 ,rules ( con/ruction ,no?+ 
9 ?is ,act %all be con/ru$ to-- 7#a7    
au?orize ! ,f$]al ,gov]nm5t to seize1   
confiscate1 or o!rwise impair any       
prop]ty "r 9 ! lawfully acquir$ ,bitco9 
hold+s ( any p]son2 or  7#b7 infr+e ^u !

 rights ( individuals1 bus9esses1 or    
organizations to pur*ase1 hold1 transf]1
 or dispose ( ,bitco9 9 accordance ) !  
law4  7b7 ,affirmation ( rights ,?is    
,act affirms & protects ! rights (      
p]sons to ma9ta9 full lawful control ov]
 ! ,bitco9 & o!r digital assets ( ^?    
individuals1 recogniz+ t ! ability to   
ma9ta9 self-cu/ody ( private keys is    
fundam5tal to ! pr9ciples ( f9ancial    
sov]eignty1 privacy1 & p]sonal lib]ty 9 
! digital age4