,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #fahj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #bj1         
#bjbe,mr4 ,davidson introduc$ ! foll[+  
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means1 & 9 addition to !       
,committee on ,f9ancial ,s]vices1 = a   
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to all[ 
,f$]al taxes to be paid 9 ,bitco91 & =  
o!r purposes4  #a4 ,%ort title2 f9d+s   
7a7 ,%ort title ,?is ,act may be cit$ z 
! ,bitco9 = ,am]ica ,act4  7b7 ,f9d+s   
,congress f9ds ! foll[+3 7#a7 ,bitco9   
op]ates on a dec5traliz$1 op5-s\rce     
protocol ) a fix$ supply cap ( #ba      
million co9s1 creat+ inh]5t sc>city t   
contra/s %>ply ) fiat curr5cies2        
hi/orical data %[s t ,bitco9's value has
 increas$ dramatically s9ce its #bjji   
inception1 exce$+ ! comp\nd annual gr[? 
rates ( traditional assets z a direct   
result ( its deflation>y design4  7#b7  

,by au?oriz+ ! acceptance ( ,f$]al      
income taxes 9 ,bitco9 & ! deposit ( su*
 funds into ! ,/rategic ,bitco9 ,res]ve1
 ! ,unit$ ,/ates w div]sify its national
 weal? into a non-inflation>y asset t   
s]ves z a long-t]m /ore ( value1 !reby  
/r5g!n+ ! ,nation's f9ancial resili5ce  
aga9/ curr5cy devaluation1 economic     
in/ability1 & global m>ket volatility4  
7#c7 ,o!r nations--includ+ b n limit$ to
 ,*9a1 ,russia1 & em]g+                 
economies--actively acquire ,bitco9 to  
div]sify _! res]ves & h$ge aga9/ global 
f9ancial in/ability1 su* t ! ,unit$     
,/ates risks fall+ beh9d 9 ?is /rategic 
race2 au?oriz+ ! incorporation ( ,bitco9
 into ! ,unit$ ,/ates ,/rategic ,bitco9 
,res]ve ?r\gh tax rev5ues w\ld bol/] !  
,nation's global competitiv5ess &       
safegu>d national security by secur+ a  
/ake 9 a dec5traliz$1 geopolitically    
neutral asset immune to sanctions or    
ext]nal int]f]5ce4  7#d7 ,bitco9's      
p]missionless nature enables individuals
 to p>ticipate 9 ! global economy )\t   

reliance on traditional bank+ sy/ems1   
:i* (t5 exclude und]s]v$ populations2 by
 enabl+ ! paym5t ( ,f$]al income taxes 9
 ,bitco91 ! ,unit$ ,/ates promotes      
f9ancial inclusion1 emp[]+ citiz5s to   
engage 9 a mod]n1 dec5traliz$ economy4  
7#e7 ,! value ( ! ,unit$ ,/ates doll> is
 influ5c$ by monet>y policies1 includ+  
quantitative eas+ & int]e/ rate         
adju/m5ts1 :i* h hi/orically l$ to      
inflation & r$uc$ pur*as+ p[]2 ,bitco91 
be+ free f su* int]v5tions1 (f]s a /able
 alt]native = pres]v+ weal?1 & !        
e/abli%m5t & ma9t5ance ( ! ,/rategic    
,bitco9 ,res]ve w\ld mitigate risks     
associat$ ) fiat curr5cy devaluation1   
ensur+ ! ,unit$ ,/ates ma9ta9s economic 
/r5g? 9 an increas+ly digital &         
dec5traliz$ global economy4  7#f7       
,bitco9's value is expect$ to appreciate
 due to its sc>city & gr[+ adoption1 su*
 t rev5ues deposit$ into ! ,unit$ ,/ates
 ,bitco9 ,/rategic ,res]ve w\ld increase
 9 real value ov] "t1 creat+ a          
self-su/a9+ fiscal me*anism t r$uces    

reliance on debt-bas$ f9anc+1 enhances !
 ,nation's balance %eet1 & provides a   
robu/ f9ancial f\ndation = future       
g5]ations4  #b4 ,paym5t ( ,f$]al taxes )
 bitco9  7a7 ,9 g5]al ,sub*apt] ,b (    
*apt] #fd ( ! ,int]nal ,rev5ue ,code (  
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #fcah4 ,paym5t ) bitco9  
7a7 ,au?ority ,! ,secret>y %all all[    
taxpay]s to pay ! taxes 7& any p5alty1  
addition to tax1 or o!r am\nt7 impos$ "u
 ?is title ) ,bitco94  7b7 ,mann] (     
paym5t ,= purposes ( ?is title1 a paym5t
 ( any am\nt ) ,bitco9 %all be deem$    
made-- 7#a7 if ! taxpay] irrevocably    
transf]s ,bitco9-- 7,a7 to a ,bitco9    
network address designat$ by !          
,secret>y1 or  7,b7 to an address or    
acc\nt ( an entity designat$ by !       
,secret>y to act z a f9ancial ag5t "u   
subsection 7e71 9 accordance ) proc$ures
 prescrib$ by ! ,secret>y1 &  7#b7 at ! 
"t t ! transf] describ$ 9 p>agraph 7#a7 
has obta9$ ! level ( network            
confirmations specifi$ by ! ,secret>y4  

,! ,secret>y may prescribe rules reg>d+ 
requir$ network confirmations & pro( (  
transf]4  7c7 ,valuation ,! am\nt ( any 
paym5t made ) ,bitco9 %all be ! fair    
m>ket value ( ! ,bitco9 at ! "t ! paym5t
 is deem$ made "u subsection 7b74 ,!    
,secret>y %all prescribe regulations t  
e/abli% & publi% "o or m ref]5ce rates =
 det]m9+ su* fair m>ket value1 simil> to
 ! =eign curr5cy ex*ange rates publi%$ =
 ,f$]al tax purposes4  7d7              
,nonrecognition ,no ga9 or loss %all be 
recogniz$ by a taxpay] on ! transf] (   
,bitco9 to ! ,unit$ ,/ates 7includ+ to a
 f9ancial ag5t ( ! ,unit$ ,/ates act+   
pursuant to subsection 7e77 9           
satisfaction ( any liability impos$ by  
?is title4 ,a transf] describ$ 9 !      
prec$+ s5t5ce %all n be treat$ z a sale 
or ex*ange = purposes ( section #ajja4  
,nonrecognition "u ?is subsection %all  
apply only to ! portion ( any transf] n 
exce$+ ! am\nt ( ! liability satisfi$   
!reby1 det]m9$ us+ ! fair m>ket value "u
 subsection 7c74 ,any am\nt transf]r$ 9 

excess ( su* liability %all be treat$ z 
a disposition = purposes ( section      
#ajja4  7e7 ,?ird-,p>ty f9ancial ag5ts  
,! ,secret>y may ent] into contracts or 
o!r arrangem5ts ) regulat$ f9ancial     
in/itutions *>t]$ or lic5s$ "u ,unit$   
,/ates law & subject to ! ,bank ,secrecy
 ,act & applicable ,(fice ( ,=eign      
,assets ,control 7,,(ac7 requirem5ts to 
act z ! ,secret>y's f9ancial ag5ts to   
receive cu/ody1 conv]t 7if & z direct$  
by ! ,secret>y71 & remit ,bitco9 t5d]$  
"u ?is section4 ,ag5ts %all comply )    
applicable ,treasury1 ,int]nal ,rev5ue  
,s]vice1 & f9ancial regulatory /&>ds4   
7f7 ,in=mation report+ & guidance ,!    
,secret>y may prescribe su* regulations 
or o!r guidance z are necess>y or       
appropriate to c>ry out ! purposes ( ?is
 section1 includ+ rules = docum5tation1 
receipts1 tim+ & s\rce ( valuation1     
acceptable ex*anges & price fe$s1       
requir$ network confirmations1 &        
in=mation report+ by payors & ag5ts4    
7g7 ,basis & lot selection  7#a7 ,9     

g5]al ,9 ! case ( a taxpay] t holds m   
?an "o lot ( ,bitco91 ! taxpay] may     
designate :i* lot or lots ( ,bitco9 are 
treat$ z transf]r$ 9 a transaction      
describ$ 9 subsection 7d71 9 su* =m &   
mann] & at su* "t z ! ,secret>y may     
prescribe4  7#b7 ,p]missible me?ods ,!  
,secret>y %all prescribe regulations t  
all[ taxpay]s to det]m9e :i* lot or lots
 are treat$ z transf]r$ us+ "o or m     
p]missible me?ods includ+ specific      
id5tification1 fir/-9 fir/-out1 la/-9   
fir/-out1 highe/ co/ 9 fir/-out1 or o!r 
me?ods simil> to ^? all[$ "u section    
#ajab & ! regulations !reund]4 ,!       
regulations %all provide rules =        
elections1 *anges 9 me?od1 & default    
ord]+ :5 a taxpay] does n make a        
designation4  7#c7 ,basis ,! adju/$     
basis ( ! lots ( ,bitco9 treat$ z       
transf]r$ "u ?is section %all be remov$ 
f ! taxpay]'s aggregate basis 9 ,bitco9 
held1 & ! basis & hold+ p]iod ( any     
rema9+ ,bitco9 %all be det]m9$ )\t reg>d
 to any ga9 or loss n recogniz$ "u      

subsection 7d74  4  7b7 ,cl]ical am5dm5t
 ,! table ( sections = sub*apt] ,b (    
*apt] #fd ( su* ,code is am5d$ by add+  
at ! end ! foll[+ new item3  ,sec4      
#fcah4 ,paym5t ) ,bitco94  4  7c7       
,effective date ,! am5dm5ts made by ?is 
section %all apply to paym5ts made aft] 
! date ( ! enactm5t ( ?is ,act4  #c4    
,/rategic bitco9 res]ve & cu/ody        
au?ority  7a7 ,e/abli%m5t ,any ,bitco9  
receiv$ by ! ,secret>y z a paym5t "u !  
,int]nal ,rev5ue ,code ( #aihf %all be  
deposit$ by ! ,secret>y 9 a ,/rategic   
,bitco9 ,res]ve 7ref]r$ to 9 ?is ,act z 
! ,res]ve74  7b7 ,cu/ody & managem5t ,! 
,secret>y is au?oriz$ to-- 7#a7 accept1 
hold1 & aggregate ,bitco9 receiv$ "u    
,f$]al law or acquir$ ?r\gh lawful means
 on behalf ( ! ,unit$ ,/ates1  7#b7     
e/abli% su* cu/ody1 /orage1 & security  
arrangem5ts = ! ,res]ve z ! ,secret>y   
det]m9es appropriate1 includ+ cold      
/orage1 multi-signature arrangem5ts1 &  
geographically di/ribut$ /orage         
facilities1 &  7#c7 manage su* hold+s ) 

discretion1 subject to applicable law1  
to ensure long-t]m safekeep+ & security4
  7c7 ,long-,t]m ret5tion ,bitco9       
deposit$ 9 ! ,res]ve %all be held = !   
long-t]m b5efit ( ! ,unit$ ,/ates4 ,!   
,secret>y may n sell1 swap1 or o!rwise  
dispose ( ,bitco9 held 9 ! ,res]ve      
except--  7#a7 9 accordance ) a s*$ule  
provid+ t no m ?an "o-tw5tie? ( ! total 
hold+s may be dispos$ ( 9 any "o-ye>    
p]iod1 &  7#b7 only aft] ! #bj-ye> p]iod
 beg9n+ on ! date su* ,bitco9 0 receiv$ 
or acquir$ by ! ,unit$ ,/ates4  7d7     
,report+ & ov]sight ,! ,secret>y %all   
publi% an annual public report          
describ+-- 7#a7 ! total ,bitco9 hold+s (
 ! ,unit$ ,/ates1 &  7#b7 ! cu/ody &    
security arrangem5ts ( ! ,res]ve4  7e7  
,secret>y ,= purposes ( ?is section1 !  
t]m ,secret>y means ! ,secret>y ( !     
,treasury or ! ,secret>y's delegate4