,,ii  #aai? ,,congress  #b;d ,session   
,s4 #dbea  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bf1 #bjbf,mr4    
,cassidy 7= himself & ,ms4 ,lummis7     
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to direct !        
,secret>y ( ,comm]ce to e/abli% a       
volunt>y ,m9$ 9 ,am]ica ,c]tification   
,program1 to use ,f$]al programs &      
au?orities to promote ! replacem5t ( m9+
 h>dw>e relat$ to =eign adv]s>ies )     
compute infra/ructure manufactur$ 9 !   
,unit$ ,/ates or fri5dly nations1 & =   
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,m9$ 9 ,am]ica ,act (  
#bjbf4  #b4 ,f9d+s2 purpose  7a7 ,f9d+s 
,congress f9ds t-- 7#a7 block*a9 &      
digital asset te*nologies s]ve an       
ess5tial role 9 ! future economic1      
te*nological1 & /rategic int]e/s ( !    
,unit$ ,/ates1 z reflect$ 9 (ficial     
/atem5ts f ! ,presid5t1 bip>tisan action
 9 ,congress1 & rec5t legislation       
e/abli%+ ov]sight & regulatory          

frameworks = digital assets2  7#b7      
,bitco9 is ! orig9al digital asset1 has 
op]at$ ?r\gh an op51 dec5traliz$ network
 ) no c5tral au?ority = m ?an #ae ye>s1 
& cont9ues to demon/rate te*nical       
resili5ce1 economic relevance1 &        
functional indep5d5ce2  7#c7 !          
e/abli%m5t & managem5t ( a /rategic     
res]ve ( ,bitco9 by ! ,f$]al ,gov]nm5t  
re9=ces ! cont9u+ role 9 ! national     
int]e/ & ! important long-t]m /rategic  
value ( ,bitco92  7#d7 ! reliability ( !
 ,bitco9 block*a9 dep5ds on a           
dec5traliz$ validation process & a      
globally di/ribut$ infra/ructure1 b a   
sub/antial portion ( m9+ h>dw>e curr5tly
 9 use is manufactur$ by companies      
relat$ to =eign adv]s>ies1 creat+       
national security & op]ational integrity
 risks2  7#e7 ! ability ( ! ,unit$      
,/ates to lead 9 ,bitco9 & digital asset
 innovation requires t critical block*a9
 infra/ructure1 includ+ m9+ h>dw>e &    
cons5sus s(tw>e1 be develop$1 op]at$1 & 
ma9ta9$ )9 ! ,unit$ ,/ates1 or fri5dly  

nations1 & free f control by entities   
relat$ to =eign adv]s>ies2  7#f7 ,bitco9
 m9+ op]ators 9 ! ,unit$ ,/ates h       
contribut$ mat]ially to dome/ic         
artificial intellig5ce capabilities by  
conv]t+ exi/+ facilities & infra/ructure
 to support ma*9e le>n+1 inf]5ce1 &     
high-d5sity compute op]ations2 &  7#g7 !
 replacem5t ( m9+ h>dw>e relat$ to =eign
 adv]s>ies ) compute infra/ructure      
manufactur$ 9 ! ,unit$ ,/ates1 or       
fri5dly nations1 is a necess>y national 
objective4  7b7 ,purpose ,! purpose (   
?is ,act is to facilitate ! objective   
describ$ 9 subsection 7a77#g7 ?r\gh !   
use ( exi/+ ,f$]al programs &           
au?orities4  #c4 ,def9itions ,9 ?is     
,act3 7#a7 ,c]tification program ,! t]m 
c]tification program means ! ,m9$ 9     
,am]ica ,c]tification ,program e/abli%$ 
"u section #d7;a74  7#b7 ,dem& response2
 dem&-responsive ,! t]ms dem& response &
 dem&-responsive mean ! capability ( a  
facility1 includ+ a di/ribut$ en]gy     
sy/em or controllable load1 to adju/    

electricity consumption 9 response to   
price signals1 grid reliability ne$s1 or
 m>ket inc5tives to enhance grid        
effici5cy & resili5ce4  7#c7 ,=eign     
adv]s>y ,! t]m =eign adv]s>y has ! mean+
 giv5 ! t]m cov]$ nation 9 section      
#dhgb7;f7 ( title #aj1 ,unit$ ,/ates    
,code4  7#d7 ,fri5dly nation ,! t]m     
fri5dly nation means a =eign c\ntry t-- 
7,a7 is n a =eign adv]s>y2 &  7,b7 !    
,secret>y ( ,/ate designates z an ally  
or p>tn] ( ! ,unit$ ,/ates = purposes ( 
?is ,act4  7#e7 ,high-d5sity compute ,! 
t]m high-d5sity compute means a         
computational op]ation or facility      
*>act]iz$ by high p[] d5sity & int5sive 
process+ workloads1 includ+ ^? us$ =    
artificial intellig5ce tra9+1 inf]5ce1  
block*a9 validation1 advanc$ data       
process+1 & o!r en]gy int5sive compute  
tasks4  7#f7 ,m9+ facility ,! t]m m9+   
facility means a physical site t h\ses &
 op]ates specializ$ comput] h>dw>e = !  
purpose ( p]=m+ pro(-(-"w m9+1 includ+  
associat$ p[]1 cool+1 & network         

infra/ructure4  7#g7 ,m9+ pool ,! t]m   
m9+ pool means a gr\p ( p>ticipants 9 a 
pro(-(-"w m9+ network t-- 7,a7 comb9e _!
 computational res\rces ov] a network to
 increase ! probability ( validat+ a    
block2 &  7,b7 %>e any result+ rew>ds 9 
proportion to ! contribut$ ha% p[] ( ea*
 p>ticipant4  7#h7 ,pro(-(-"w m9+ ,! t]m
 pro(-(-"w m9+ means ! op]ation (       
specializ$ h>dw>e or comput+ sy/ems to  
validate transactions & secure          
dec5traliz$ block*a9 networks by solv+  
cryptographic puzzles1 result+ 9 !      
issuance ( new units ( a digital asset z
 a rew>d4  7#i7 ,secret>y ,! t]m        
,secret>y means ! ,secret>y ( ,comm]ce4 
#d4 ,m9$ 9 ,am]ica ,c]tification        
,program  7a7 ,e/abli%m5t  7#a7 ,9 g5]al
 ,! ,secret>y %all e/abli% a volunt>y   
c]tification program1 to be kn[n z !    
,m9$ 9 ,am]ica ,c]tification ,program1  
to c]tify m9+ facilities & m9+ pools t  
meet ! requirem5ts e/abli%$ "u ?is      
section4  7#b7 ,scope ,a c]tification "u
 ! c]tification program-- 7,a7 %all n   

conf] any regulatory lic5se or waiv] (  
legal requirem5ts "u any o!r provision (
 law 7includ+ regulations72  7,b7 may   
s]ve z a basis = eligibility =1 priority
 =1 or p>ticipation 9 a ,f$]al loan1    
grant1 reimbursem5t1 or procurem5t      
program1 9 accordance ) applicable law  
or regulations2 &  7,c7 %all n be       
requir$ = any m9+ facility or m9+ pool  
except z a condition ( eligibility =1   
priority =1 or p>ticipation 9 a program 
describ$ 9 subp>agraph 7,b71 9          
accordance ) applicable law or          
regulations4  7b7 ,c]tification crit]ia 
& adm9i/ration  7#a7 ,9 g5]al ,n lat]   
?an #ahj days aft] ! date ( enactm5t (  
?is ,act1 ! ,secret>y %all promulgate   
regulations gov]n+ ! c]tification ( m9+ 
facilities & m9+ pools "u ! c]tification
 program4  7#b7 ,eligibility ,to be     
eligible = c]tification "u !            
c]tification program-- 7,a7 ! pro(-(-"w 
m9+ op]ations ( ! m9+ facility or m9+   
pool %all be physically locat$ )9 !     
,unit$ ,/ates or a fri5dly nation2  7,b7

 9 ! case ( ! c]tification ( a m9+ pool1
 ! m9+ pool-- 7i7 %all be headqu>t]$ &  
op]at$ 9 ! ,unit$ ,/ates or a fri5dly   
nation2 &  7ii7 %all n be own$1         
controll$1 or subject to undue influ5ce 
by an entity relat$ to a =eign adv]s>y2 
7,c7 9 ! case ( ! c]tification ( a m9+  
facility1 ! m9+ facility-- 7i7 %all n be
 own$1 controll$1 or subject to undue   
influ5ce by an entity relat$ to a =eign 
adv]s>y2 &  7ii7 %all p>ticipate 9 a m9+
 pool describ$ 9 subp>agraph 7,b72  7,d7
 ! m9+ facility or m9+ pool %all docum5t
 & atte/ to compliance ) ! applicable   
h>dw>e s\rc+ /&>ds describ$ 9 p>agraph  
7#c72  7,e7 ! m9+ facility or m9+ pool  
%all ma9ta9 cyb]security protocols      
consi/5t ) m9imum /&>ds e/abli%$ by !   
,secret>y1 includ+ protection ( network 
sy/ems1 private keys1 remote access     
tools1 & physical facilities2 &  7,f7 ! 
m9+ facility or m9+ pool %all satisfy   
any additional crit]ia t ! ,secret>y    
det]m9es to be necess>y to uphold !     
integrity ( ! c]tification4  7#c7       

,h>dw>e s\rc+ /&>ds  7,a7 ,9 g5]al ,to  
be eligible = c]tification "u !         
c]tification program1 a m9+ facility or 
m9+ pool %all be 9 compliance ) ! foll[+
 h>dw>e s\rc+ /&>ds3 7i7 ,beg9n+ on     
,janu>y #a1 #bjbg1 ! m9+ facility or m9+
 pool may n pur*ase any pro(-(-"w m9+   
equipm5t manufactur$ by any entity      
relat$ to any =eign adv]s>y4  7ii7      
,beg9n+ on ,janu>y #a1 #bjbh1 n m ?an   
#ge p]c5t ( ! active pro(-(-"w m9+      
h>dw>e ( ! m9+ facility or m9+ pool may 
be manufactur$ by an entity relat$ to a 
=eign adv]s>y4  7iii7 ,beg9n+ on ,janu>y
 #a1 #bjbi1 n m ?an #ej p]c5t ( ! active
 pro(-(-"w m9+ h>dw>e ( ! m9+ facility  
or m9+ pool may be manufactur$ by an    
entity relat$ to a =eign adv]s>y4  7iv7 
,beg9n+ on ,janu>y #a1 #bjcj1 #j p]c5t (
 ! active pro(-(-"w m9+ h>dw>e ( ! m9+  
facility or m9+ pool may be manufactur$ 
by an entity relat$ to a =eign adv]s>y4 
7,b7 ,initial c]tifications ,! ,secret>y
 may issue a c]tification "u !          
c]tification program be=e ,janu>y #a1   

#bjbg1 if-- 7i7 ! applicable m9+        
facility or m9+ pool has n pur*as$ any  
pro(-(-"w m9+ equipm5t manufactur$ by   
any entity relat$ to any =eign adv]s>y  
s9ce ! date ( enactm5t ( ?is ,act2 &    
7ii7 ! op]ator ( ! applicable m9+       
facility or m9+ pool submits to !       
,secret>y a plan = a*iev+ compliance ) !
 h>dw>e s\rc+ /&>ds describ$ 9          
subp>agraph 7,a74  7,c7 ,pref]r$        
c]tifications ,dur+ ! p]iod beg9n+ on   
,janu>y #a1 #bjbg1 & end+ on ,decemb]   
#ca1 #bjbi1 ! ,secret>y may designate a 
c]tification ( a m9+ facility or m9+    
pool "u ! c]tification program z a      
pref]r$ c]tification = ,f$]al program   
eligibility if n m ?an #be p]c5t ( !    
active pro(-(-"w m9+ h>dw>e ( ! m9+     
facility or m9+ pool is manufactur$ by  
an entity relat$ to a =eign adv]s>y4    
7,d7 ,recognition ( infra/ructure       
conv]sion ,= ! purposes ( det]m9+       
compliance ) subp>agraph 7,b7 or 7,c71 !
 ,secret>y %all consid] pro(-(-"w m9+   
h>dw>e relat$ to =eign adv]s>ies to be  

remov$ f active deploym5t if ! op]ator (
 ! m9+ facility or m9+ pool demon/rates 
t ! h>dw>e has be5 replac$1 repurpos$1  
or retir$ 9 favor ( pro(-(-"w m9+ h>dw>e
 manufactur$ 9 ! ,unit$ ,/ates or a     
fri5dly nation1 includ+ infra/ructure   
deploy$ = artificial intellig5ce tra9+1 
inf]5ce1 or grid-responsive             
computational op]ations4  7#d7          
,duration2 r5ewal ,a c]tification "u !  
c]tification program-- 7,a7 %all be     
valid = a p]iod ( n m ?an #b ye>s2 &    
7,b7 may be r5ew$ only on a demon/ration
 ( cont9u$ compliance ) all applicable  
requirem5ts "u ?is section4  7#e7       
,in=mation %>+ ,9 c>ry+ out !           
c]tification program1 ! ,secret>y may   
%>e in=mation )1 or reque/ in=mation f1 
! ,secret>y ( ,en]gy or ! ,secret>y (   
,agriculture4  7c7 ,application & review
 process  7#a7 ,9 g5]al ,9 adm9i/]+ !   
c]tification program1 ! ,secret>y %all  
e/abli% an application & review process 
= c]tification4  7#b7 ,applications     
7,a7 ,9 g5]al ,to apply = c]tification  

"u ! c]tification program1 an op]ator ( 
a pro(-(-"w m9+ facility or m9+ pool    
%all submit to ! ,secret>y an           
application1 :i* %all conta9 in=mation  
necess>y = ! ,secret>y to det]m9e       
eligibility "u subsection 7b74  7,b7    
,disclosure ,an application submitt$ "u 
subp>agraph 7,a7-- 7i7 %all disclose    
own]%ip & control in=mation suffici5t to
 id5tify any p]son ex]cis+ control ov] !
 pro(-(-"w m9+ op]ations ( ! applicant2 
&  7ii7 %all n use any %ell companies1  
pas/hr\gh entities1 or nom9ee           
arrangem5ts to obscure own]%ip or       
influ5ce by a =eign adv]s>y4  7d7       
,regi/ry ,! ,secret>y %all ma9ta9 a     
publicly accessible regi/ry ( m9+       
facilities & m9+ pools c]tifi$ "u !     
c]tification program1 includ+-- 7#a7 !  
effective dates ( c]tification & r5ewal1
 if applicable2 &  7#b7 ! applicable    
h>dw>e s\rc+ /&>ds "u subsection 7b77#c7
 ) :i* ! m9+ facility or m9+ pool is    
compliant1 includ+ :e!r ! c]tification  
is a pref]r$ c]tification "u subsection 

7b77#c77;,c74  7e7 ,f$]al program       
eligibility  7#a7 ,9 g5]al ,! head ( a  
,f$]al ag5cy t adm9i/]s a loan1 grant1  
reimbursem5t1 or procurem5t program =   
:i* eligibility1 priority1 or           
p>ticipation is bas$ on c]tification "u 
! c]tification program may rely on !    
regi/ry ma9ta9$ "u subsection 7d7 to    
det]m9e ! eligibility1 priority1 or     
p>ticipation ( an entity 9 t program1 9 
accordance ) applicable law 7includ+    
regulations74  7#b7 ,requirem5t ,an     
entity %all n be grant$ eligibility =1  
priority =1 or p>ticipation 9 a loan1   
grant1 reimbursem5t1 or procurem5t      
program = :i* t eligibility1 priority1  
or p>ticipation is bas$ on c]tification 
"u ! c]tification program unless !      
entity holds a valid c]tification "u !  
c]tification program4  7f7              
,confid5tiality  7#a7 ,9 g5]al ,9 c>ry+ 
out ! c]tification program1 ! ,secret>y 
%all safegu>d ! confid5tiality ( all    
propriet>y op]ational data1 f9ancial    
records1 trade secrets1 & p]sonally     

id5tifiable in=mation submitt$ 9        
connection ) a c]tification4  7#b7      
,exemption f ,,foia ,in=mation 9 !      
regi/ry ma9ta9$ "u subsection 7d7 %all  
be exempt f disclosure "u section #eeb (
 title #e1 ,unit$ ,/ates ,code4  7g7    
,ov]sight & report+  7#a7 ,9 g5]al ,!   
,secret>y %all promulgate regulations to
 ensure transp>5cy (1 compliance )1 &   
en=cem5t "u ! c]tification program1     
includ+-- 7,a7 requirem5ts = c]tifi$ m9+
 facilities & m9+ pools to submit       
p]iodic reports v]ify+ cont9u+          
compliance ) ! requirem5ts "u subsection
 7b72  7,b7 proc$ures = ! susp5sion or  
revocation ( a c]tification 9 ! case ( a
 mat]ial misrepres5tation1              
noncompliance1 or fraud2 &  7,c7        
regulations relat+ to audits &          
inspections "u p>agraph 7#b74  7#b7     
,audits or inspections ,! ,secret>y %all
 conduct audits or inspections ( m9+    
facilities & m9+ pools c]tifi$ "u !     
c]tification program z necess>y to      
ensure compliance ) ?is section4  7#c7  

,publication ( data ,! ,secret>y %all   
publi% aggregate1 nonconfid5tial data   
relat+ to c]tifications ( m9+ facilities
 & m9+ pools & compliance ) ?is section 
suffici5t to in=m ,f$]al ag5cies & !    
public ( tr5ds 9 c]tifications &        
compliance4  7h7 ,rule ( con/ruction    
,no?+ 9 ?is section may be con/ru$ to   
conf] ^u ! ,secret>y any regulatory     
au?ority ov] digital asset m>kets or    
transactions4  #e4 ,program eligibility 
= c]tifi$ compute infra/ructure projects
  7a7 ,dep>tm5t ( ,en]gy title ,,xvii   
loan gu>antees  7#a7 ,9 g5]al ,section  
#agjc7;b7 ( ! ,en]gy ,policy ,act (     
#bjje 7#db ,u4,s4,c4 #afeac7;b77 is     
am5d$ by add+ at ! end ! foll[+3  7#ad7 
,projects c>ri$ out by entities t are   
c]tifi$ "u section #d ( ! ,m9$ 9 ,am]ica
 ,act ( #bjbf & involve #a or m ( !     
foll[+ activities3 7,a7 ,! replacem5t ( 
pro(-(-"w m9+ 7z def9$ 9 section #c ( ! 
,m9$ 9 ,am]ica ,act ( #bjbf7 h>dw>e     
relat$ to =eign adv]s>ies 7z def9$ 9 t  
section7 ) compute infra/ructure t is   

manufactur$ 9 ! ,unit$ ,/ates or a      
fri5dly nation 7z def9$ 9 t section71   
includ+ equipm5t us$ = block*a9         
validation1 artificial intellig5ce      
tra9+1 or high-effici5cy data process+4 
7,b7 ,! conv]sion ( an exi/+ m9+        
op]ation or data c5t] into a            
grid-int]active or dem&-responsive 7z   
def9$ 9 section #c ( ! ,m9$ 9 ,am]ica   
,act ( #bjbf7 comput+ facility t uses   
infra/ructure manufactur$ 9 ! ,unit$    
,/ates or a fri5dly nation 7z s def9$74 
7,c7 ,! deploym5t ( comput+ sy/ems t    
enable load %ift+1 flexible dem&1 or    
emissions r$uction 9 coord9ation ) a    
regional transmission organization1     
electric utility1 or dem& response 7z   
def9$ 9 section #c ( ! ,m9$ 9 ,am]ica   
,act ( #bjbf7 m>ket4  4  7#b7 ,rulemak+ 
,n lat] ?an #ahj days aft] ! date (     
enactm5t ( ?is ,act1 ! ,secret>y (      
,en]gy %all issue rules to implem5t !   
am5dm5t made by p>agraph 7#a71 includ+  
proc$ures = v]ify+ ! eligibility (      
projects describ$ 9 p>agraph 7#ad7 (    

section #agjc7;b7 ( ! ,en]gy ,policy    
,act ( #bjje 7#db ,u4,s4,c4 #afeac7;b771
 e/abli%+ docum5tation requirem5ts1     
coord9at+ ) ! ,secret>y to confirm      
c]tification /atus "u section #d1 &     
id5tify+ any emissions or en]gy p]=mance
 /&>ds necess>y to satisfy ! objectives 
( title ,,xvii ( ! ,en]gy ,policy ,act (
 #bjje 7#db ,u4,s4,c4 #afeaa et seq474  
7#c7 ,rule ( con/ruction ,no?+ 9 !      
am5dm5t made by p>agraph 7#a7 alt]s or  
waives any o!r requirem5t = project     
approval "u section #agjc ( ! ,en]gy    
,policy ,act ( #bjje 7#db ,u4,s4,c4     
#afeac74  7b7 ,dep>tm5t ( ,en]gy        
infra/ructure re9ve/m5t program  7#a7 ,9
 g5]al ,section #agjf7;a7 ( ! ,en]gy    
,policy ,act ( #bjje 7#db ,u4,s4,c4     
#afeag7;a77 is am5d$-- 7,a7 9 p>agraph  
7#b71 by /rik+ or at ! end2  7,b7 9     
p>agraph 7#c71 by /rik+ ! p]iod at ! end
 & ins]t+ 2 or2 &  7,c7 by add+ at ! end
 ! foll[+3  7#d7 are c>ri$ out by       
entities describ$ 9 section             
#agjc7;b77#ad7 & involve-- 7,a7 an      

activity describ$ 9 subp>agraph 7,a7 or 
7,b7 ( t section2 or  7,b7 ! repurpos+ (
 en]gy infra/ructure previ\sly us$ 9    
connection ) =eign manufactur$ crypto   
m9+ h>dw>e into facilities t r$uce net  
en]gy int5sity1 improve flexibility 9   
load managem5t1 or provide comput+ =    
/rategic indu/rial applications4  4     
7#b7 ,rulemak+ ,n lat] ?an #ahj days    
aft] ! date ( enactm5t ( ?is ,act1 !    
,secret>y ( ,en]gy %all issue rules to  
implem5t ! am5dm5t made by p>agraph     
7#a71 includ+ docum5tation requirem5ts1 
te*nical crit]ia = demon/rat+           
infra/ructure conv]sion1 emissions or   
en]gy p]=mance metrics1 & proc$ures =   
coord9at+ ) ! ,secret>y to confirm      
c]tification /atus "u section #d4  7#c7 
,rule ( con/ruction ,no?+ 9 ! am5dm5t   
made by p>agraph 7#a7 alt]s or waives   
any o!r requirem5t = project approval "u
 section #agjf ( ! ,en]gy ,policy ,act (
 #bjje 7#db ,u4,s4,c4 #afeag74  7c7     
,dep>tm5t ( ,en]gy sm>t grid inve/m5t   
grants  7#a7 ,9 g5]al ,section #acjf ( !

 ,en]gy ,indep5d5ce & ,security ,act (  
#bjjg 7#db ,u4,s4,c4 #agchf7 is am5d$-- 
7,a7 9 subsection 7a71 by /rik+ (       
qualify+ ,sm>t ,grid inve/m5ts4 & ins]t+
 ! foll[+3 8(--  7#a7 qualify+ sm>t grid
 inve/m5ts2 &  7#b7 projects = !        
deploym5t ( ,m9$ 9 ,am]ica              
grid-int]active infra/ructure4  2  7,b7 
9 subsection 7b7-- 7i7 by r$esignat+    
p>agraphs 7#a7 ?r\gh 7#ad7 z clauses 7i7
 ?r\gh 7xiv71 respectively1 & ind5t+    
appropriately2 &  7ii7 by /rik+ !       
subsection designation & head+ & all t  
foll[s ?r\gh include 9 ! matt] prec$+   
clause 7i7 7z s r$esignat$7 & ins]t+ !  
foll[+3  7b7 ,def9itions ,9 ?is section3
 7#a7 ,dem& response2 dem&-responsive ,!
 t]ms dem& response & dem&-responsive h 
! mean+ giv5 ! t]ms 9 section #c ( !    
,m9$ 9 ,am]ica ,act ( #bjbf4  7#b7      
,fri5dly nation ,! t]m fri5dly nation   
has ! mean+ giv5 ! t]m 9 section #c ( ! 
,m9$ 9 ,am]ica ,act ( #bjbf4  7#c7      
,grid-responsive infra/ructure ,! t]m   
grid-responsive infra/ructure includes  

h>dw>e1 s(tw>e1 & control sy/ems t      
support #a or m ( ! foll[+ functions3   
7,a7 ,load curtailm5t or flexible dem&  
response 9 coord9ation ) a grid op]ator1
 electric utility1 or dem& response     
provid]4  7,b7 ,integration ( localiz$  
en]gy /orage1 sm>t met]+1 or real-"t    
load control te*nologies t r$uce peak   
dem& or improve grid reliability4  7,c7 
,cyb]security protections to safegu>d   
grid-fac+ compute infra/ructure1 includ+
 sy/ems us$ to manage en]gy telemetry1  
remote access1 or di/ribut$ p[] sy/ems4 
7#d7 ,m9$ 9 ,am]ica grid-int]active     
infra/ructure ,! t]m ,m9$ 9 ,am]ica     
grid-int]active infra/ructure means     
grid-responsive infra/ructure t-- 7,a7  
is manufactur$ 9 ! ,unit$ ,/ates2 &     
7,b7 is or w be deploy$ at a facility-- 
7i7 locat$ 9 ! ,unit$ ,/ates or a       
fri5dly nation2  7ii7 ! own]s & op]ators
 ( :i* are c]tifi$ "u section #d ( !    
,m9$ 9 ,am]ica ,act ( #bjbf2 &  7iii7 t 
is engag$ 9-- 7,i7 pro(-(-"w m9+        
op]ations us+ compute infra/ructure     

manufactur$ 9 ! ,unit$ ,/ates or a      
fri5dly nation2 or  7,,ii7 artificial   
intellig5ce tra9+ or inf]5ce us+ compute
 infra/ructure manufactur$ 9 ! ,unit$   
,/ates or a fri5dly nation4  7#e7       
,pro(-(-"w m9+ ,! t]m pro(-(-"w m9+ has 
! mean+ giv5 ! t]m 9 section #c ( ! ,m9$
 9 ,am]ica ,act ( #bjbf4  7#f7 ,qualify+
 sm>t grid inve/m5t  7,a7 ,9 g5]al ,!   
t]m qualify+ sm>t grid inve/m5t includes
  2  7,c7 9 subsection 7c7-- 7i7 9      
p>agraph 7#c71 by /rik+ ,sm>t ,grid     
,in=mation ,/&>d "u section #acjg       
7p>agraph 7#ag7 ( section #aaa7;d7 ( !  
,public ,utility ,regulatory ,policies  
,act ( #aigh7 & ins]t+ sm>t grid        
in=mation /&>d "u p>agraph 7#ai7 (      
section #aaa7;d7 ( ! ,public ,utility   
,regulatory ,policies ,act ( #aigh 7#db 
,u4,s4,c4 #bfba7;d772  7ii7 9 p>agraph  
7#i71 by /rik+ ,qualify+ ,sm>t ,grid    
,inve/m5ts & ins]t+ qualify+ sm>t grid  
inve/m5ts2  7iii7 by r$esignat+         
p>agraphs 7#a7 ?r\gh 7#i7 z clauses 7i7 
?r\gh 7ix71 respectively1 & ind5t+      

appropriately2 &  7iv7 by /rik+ !       
subsection designation & head+ & all t  
foll[s ?r\gh d n include 9 ! matt]      
prec$+ clause 7i7 7z s r$esignat$7 &    
ins]t+ ! foll[+3  7,b7 ,exclusions ,!   
t]m qualify+ sm>t grid inve/m5t does n  
include  2  7,d7 9 subsection 7d7-- 7i7 
by r$esignat+ p>agraphs 7#a7 ?r\gh 7#af7
 z clauses 7i7 ?r\gh 7xvi71             
respectively1 & ind5t+ appropriately2 & 
7ii7 by /rik+ ! subsection designation &
 head+ & all t foll[s ?r\gh means 9 !   
matt] prec$+ clause 7i7 7z s r$esignat$7
 & ins]t+ ! foll[+3  7#f7 ,sm>t grid    
function ,! t]m sm>t grid function means
  2  7,e7 9 subsection 7e7-- 7i7 9      
p>agraph 7#a7-- 7,i7 by /rik+ 7#a7 ,!   
,secret>y %all & all t foll[s ?r\gh     
proposals-- 9 ! matt] prec$+ subp>agraph
 7,a7 & ins]t+ ! foll[+3  7#a7 ,9 g5]al 
,! ,secret>y %all--  2  7,,ii7 by ind5t+
 subp>agraphs 7,a7 ?r\gh 7,e7           
appropriately2  7,,iii7 9 subp>agraph   
7,c71 by /rik+ inve/m5ts1 & & ins]t+    
inve/m5ts or ,m9$ 9 ,am]ica             

grid-int]active infra/ructure1 &1 if    
applicable12 &  7,,iv7 9 subp>agraph    
7,d71 by /rik+ inve/m5ts :i* h receiv$  
grants & ins]t+ inve/m5ts & ,m9$ 9      
,am]ica grid-int]active infra/ructure = 
:i* grants h be5 provid$2 &  7ii7 9     
p>agraph 7#b71 by /rik+ 7#b7 ,!         
,secret>y & ins]t+ ! foll[+3  7#b7      
,discretion ,! ,secret>y  2  7,f7 9     
subsections 7b7 ?r\gh 7e71 by /rik+     
,sm>t ,grid ea* place x appe>s & ins]t+ 
sm>t grid2  7,g7 9 subsection 7f71 by   
/rik+ = fiscal ye>s #bjjh ?r\gh #bjab2  
7,h7 by r$esignat+ subsections 7a71 7b71
 7e71 & 7f7 z subsections 7b71 7a71 7c71
 & 7e71 respectively1 & mov+ !          
subsections s z to appe> 9 alphabetical 
ord]2 &  7,i7 by ins]t+ aft] subsection 
7c7 7z s r$esignat$7 ! foll[+3  7d7     
,guidance on ,m9$ 9 ,am]ica             
grid-,int]active infra/ructure  7#a7 ,9 
g5]al ,n lat] ?an #ahj days aft] ! date 
( enactm5t ( ! ,m9$ 9 ,am]ica ,act (    
#bjbf1 ! ,secret>y %all issue guidance  
relat+ to ! provision ( grants "u ?is   

section = projects = ! deploym5t ( ,m9$ 
9 ,am]ica grid-int]active infra/ructure4
  7#b7 ,requirem5t ,! guidance issu$ "u 
p>agraph 7#a7 %all-- 7,a7 id5tify ,m9$ 9
 ,am]ica grid-int]active infra/ructure =
 :i* a grant provid$ "u ?is subsection  
may be us$2 &  7,b7 e/abli% proc$ures = 
v]ify+ ! c]tification ( ! own]s &       
op]ators ( ! applicable facility "u     
section #d ( ! ,m9$ 9 ,am]ica ,act (    
#bjbf1 9 coord9ation ) ! ,secret>y (    
,comm]ce4  4  7#b7 ,rule ( con/ruction  
,no?+ 9 ?is subsection or an am5dm5t    
made by ?is subsection waives1 or may be
 con/ru$ to waive1 any co/-%>e1         
te*nical1 or emissions p]=mance         
requirem5t applicable to a grant aw>d$  
"u section #acjf ( ! ,en]gy ,indep5d5ce 
& ,security ,act ( #bjjg 7#db ,u4,s4,c4 
#agchf74  7d7 ,rural ,en]gy = ,am]ica   
,program  7#a7 ,9 g5]al ,section #ijjg (
 ! ,f>m ,security & ,rural ,inve/m5t    
,act ( #bjjb 7#g ,u4,s4,c4 #hajg7 is    
am5d$-- 7,a7 9 subsection 7a7-- 7i7 9   
p>agraph 7#b71 by /rik+ ! p]iod at ! end

 & ins]t+ 2 &2  7ii7 by r$esignat+      
p>agraphs 7#a7 & 7#b7 z subp>agraphs    
7,a7 & 7,b71 respectively1 & ind5t+     
appropriately2  7iii7 9 ! matt] prec$+  
subp>agraph 7,a7 7z s r$esignat$71 by   
/rik+ = agricultural produc]s & ins]t+ !
 foll[+3 8=--  7#a7 agricultural        
produc]s  2 &  7iv7 by add+ at ! end !  
foll[+3  7#b7 compute-focus$ entities   
?r\gh grants & loan gu>antees1 9        
accordance ) subsection 7d74  2  7,b7 be
 r$esignat+ subsections 7d7 ?r\gh 7f7 z 
subsections 7e7 ?r\gh 7g71 respectively2
  7,c7 by /rik+ subsection 7f7 ea* place
 x appe>s & ins]t+ subsection 7g72 &    
7,d7 by ins]t+ aft] subsection 7c7 !    
foll[+3  7d7 ,c]tifi$ compute           
infra/ructure 9 rural areas  7#a7 ,9    
g5]al ,! ,secret>y %all make grants &   
loan gu>antees to eligible entities     
describ$ 9 p>agraph 7#b7 to c>ry out    
projects describ$ 9 p>agraph 7#c74  7#b7
 ,eligible entity ,an eligible entity "u
 ?is subsection is an entity t-- 7,a7 is
 c]tifi$ "u section #d ( ! ,m9$ 9       

,am]ica ,act ( #bjbf2 &  7,b7 is locat$ 
9 a rural area4  7#c7 ,projects ,a      
project ref]r$ to 9 p>agraph 7#a7 %all  
involve #a or m ( ! foll[+ activities3  
7,a7 ,! deploym5t ( en]gy /orage1 load  
control sy/ems1 or dem&-responsive      
compute infra/ructure t enables !       
eligible entity to curtail load1 %ift   
dem&1 or o!rwise contribute to local    
grid reliability4  7,b7 ,! support ( !  
ret5tion or creation ( employm5t 9 a    
rural area ?r\gh ! op]ation or expansion
 ( a c]tifi$ compute facility4  7,c7    
,on-site r5ewable en]gy g5]ation or     
emissions-r$uc+ te*nology t supports    
en]gy effici5cy or peak-load mitigation4
  7#d7 ,local hir+ requirem5t ,an       
eligible entity "u p>agraph 7#b7 receiv+
 assi/ance "u ?is subsection %all employ
 at lea/ #a individual :o resides )9 !  
c\nty or equival5t jurisdiction 9 :i* ! 
project is locat$4  4  7#b7 ,rulemak+ ,n
 lat] ?an #ahj days aft] ! date (       
enactm5t ( ?is ,act1 ! ,secret>y (      
,agriculture %all issue guidance on     

implem5t+ ! am5dm5t made by p>agraph    
7#a71 includ+ proc$ures = v]ify+ local  
employm5t & coord9at+ ) ! ,secret>y to  
confirm c]tification /atus "u section   
#d4  7#c7 ,rule ( con/ruction ,no?+ 9 ! 
am5dm5t made by p>agraph 7#a7 alt]s or  
waives any requirem5t ( ! program "u    
section #ijjg ( ! ,f>m ,security &      
,rural ,inve/m5t ,act ( #bjjb 7#g       
,u4,s4,c4 #hajg74  #f4 ,f$]al           
acquisition ( ,bitco9  7a7 ,capital ga9s
 exemption = c]tifi$ sell]s ,"p ,,iii ( 
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 be=e section #adj ! foll[+ new section3
  #aci,m4 ,bitco9 sales = /rategic      
res]ve  7a7 ,9 g5]al ,9 ! case ( a      
c]tifi$ ,bitco9 m9]1 gross income %all n
 include any ga9 f ! sale or ex*ange (  
qualifi$ ,bitco9 to ! ,unit$ ,/ates =   
deposit 9 ! ,/rategic ,bitco9 ,res]ve4  
7b7 ,c]tifi$ ,bitco9 m9] ,= purposes (  
?is section1 ! t]m c]tifi$ ,bitco9 m9]  
means any p]son :o is c]tifi$ pursuant  
to subp>agraph 7,a77iv7 or 7,c7 (       

section #d7;b77#c7 ( ! ,m9$ 9 ,am]ica   
,act ( #bjbf4  7c7 ,qualifi$ ,bitco9 ,= 
purposes ( ?is section1 ! t]m qualifi$  
,bitco9 means ,bitco9 :i* 0 m9$ by !    
c]tifi$ ,bitco9 m9] or acquir$ ?r\gh    
direct rew>d = p>ticipation 9 a m9+ pool
 meet+ ! requirem5ts ( section          
#d7;b77#b77;,b7 ( ! ,m9$ 9 ,am]ica ,act 
( #bjbf4  4  7b7 ,cl]ical am5dm5t ,!    
table ( sections ( "p ,,iii ( sub*apt]  
,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code
 ( #aihf is am5d$ by ins]t+ be=e ! item 
relat+ to section #adj ! foll[+ new     
item3  ,sec4 #aci,m4 ,bitco9 sales =    
/rategic res]ve4  4  #g4 ,dep>tm5t (    
,en]gy /udy on compute-bas$ load        
managem5t  7a7 ,/udy requir$ ,!         
,secret>y ( ,en]gy %all conduct a /udy  
to assess ! load-managem5t capabilities 
& grid-balanc+ pot5tial ( pro(-(-"w m9+ 
op]ations & high-d5sity compute         
facilities locat$ 9 ! ,unit$ ,/ates4    
7b7 ,scope ( /udy ,! /udy "u subsection 
7a7 %all evaluate-- 7#a7 ! ability (    
pro(-(-"w m9+ op]ations & high-d5sity   

compute facilities-- 7,a7 to r$uce      
electricity consumption dur+ p]iods (   
peak dem&2  7,b7 to %ift load 9         
coord9ation ) grid op]ators2 or  7,c7 to
 p>ticipate 9 dem& response & grid      
reliability programs2  7#b7 !           
te*nologies1 en]gy infra/ructure1 &     
contractual me*anisms t support flexible
 op]ation ( high-d5sity compute         
workloads2 &  7#c7 ! emissions impacts1 
en]gy effici5cy b5efits1 & m>ket        
integration pot5tial associat$ ) !      
deploym5t ( grid-int]active compute     
infra/ructure 9 v>i\s geographic &      
regulatory contexts4  7c7 ,consultation 
7#a7 ,9 g5]al ,9 c>ry+ out ! /udy "u    
subsection 7a71 ! ,secret>y ( ,en]gy    
%all consult )-- 7,a7 ! ,secret>y2  7,b7
 ! ,f$]al ,en]gy ,regulatory            
,commission2 &  7,c7 at lea/ #a         
,regional ,transmission ,organization or
 ,indep5d5t ,sy/em ,op]ator 7z ^? t]ms  
are def9$ 9 section #c ( ! ,f$]al ,p[]  
,act 7#af ,u4,s4,c4 #gif774  7#b7       
,requirem5t ,! ,secret>y ( ,en]gy1 !    

,secret>y ( ,def5se1 & ! ,secret>y %all 
coord9ate to enhance effici5cy & avoid  
duplication ) respect to ! /udy requir$ 
"u subsection 7a7 & ! /udy requir$ "u   
section #h7;a74  7d7 ,reports ,!        
,secret>y ( ,en]gy %all submit to !     
,committee on ,en]gy & ,natural         
,res\rces ( ! ,s5ate1 ! ,committee on   
,comm]ce1 ,sci5ce1 & ,transportation ( !
 ,s5ate1 & ! ,committee on ,en]gy &     
,comm]ce ( ! ,h\se ( ,repres5tatives--  
7#a7 an int]im report on ! f9d+s ( !    
/udy "u subsection 7a7 n lat] ?an #a ye>
 aft] ! date ( enactm5t ( ?is ,act2 &   
7#b7 a f9al report on ! f9d+s ( t /udy n
 lat] ?an #b ye>s aft] t date (         
enactm5t4  #h4 ,/rategic /udy on        
dec5traliz$ artificial intellig5ce      
infra/ructure  7a7 ,/udy requir$ ,!     
,secret>y ( ,def5se & ! ,secret>y %all  
jo9tly conduct a /udy on ! national     
/rategic relevance ( dec5traliz$        
artificial intellig5ce infra/ructure t  
op]ates ov] block*a9-bas$ or di/ribut$  
networks4  7b7 ,/udy cont5ts ,! /udy    

requir$ "u subsection 7a7 %all include !
 foll[+3 7#a7 ,an evaluation (          
dec5traliz$ artificial intellig5ce      
sy/ems t utilize di/ribut$ comput+      
res\rces & cryptographically secur$     
protocols4  7#b7 ,an assessm5t ( !      
infra/ructure resili5ce1 c5sor%ip       
resi/ance1 & national security          
implications ( su* sy/ems comp>$ to     
c5traliz$ models ( artificial           
intellig5ce deploym5t4  7#c7 ,an        
analysis ( ! pot5tial economic1 work=ce1
 & infra/ructure developm5t b5efits (   
promot+ dec5traliz$ compute models )9 ! 
,unit$ ,/ates4  7#d7 ,recomm5dations =  
/&>ds1 security protocols1 or national  
policy initiatives to support ! dome/ic 
developm5t & deploym5t ( dec5traliz$    
artificial intellig5ce sy/ems4  7c7     
,int]im & f9al reports  7#a7 ,int]im    
report ,n lat] ?an #a ye> aft] ! date ( 
enactm5t ( ?is ,act1 ! ,secret>y (      
,def5se & ! ,secret>y %all jo9tly submit
 to ! ,committee on ,arm$ ,s]vices & !  
,committee on ,comm]ce1 ,sci5ce1 &      

,transportation ( ! ,s5ate & !          
,committee on ,arm$ ,s]vices & !        
,committee on ,en]gy & ,comm]ce ( !     
,h\se ( ,repres5tatives an int]im report
 on ! f9d+s ( ! /udy requir$ "u         
subsection 7a74  7#b7 ,f9al report ,n   
lat] ?an #b ye>s aft] ! date ( enactm5t 
( ?is ,act1 ! ,secret>y ( ,def5se & !   
,secret>y %all jo9tly submit to !       
,committee on ,arm$ ,s]vices & !        
,committee on ,comm]ce1 ,sci5ce1 &      
,transportation ( ! ,s5ate & !          
,committee on ,arm$ ,s]vices & !        
,committee on ,en]gy & ,comm]ce ( !     
,h\se ( ,repres5tatives a f9al report on
 ! f9d+s ( ! /udy requir$ "u subsection 
7a74  7d7 ,digital tok5 regulatory      
coord9ation  7#a7 ,9 g5]al ,9 conduct+ !
 /udy requir$ "u subsection 7a71 !      
,secret>y ( ,def5se & ! ,secret>y %all  
consult ) ! ,commodity ,futures ,trad+  
,commission reg>d+ ! regulatory         
classification ( digital tok5s t        
facilitate access to or op]ation (      
dec5traliz$ artificial intellig5ce      

networks4  7#b7 ,s5se ( ,congress ,x is 
! s5se ( ,congress t tok5s describ$ 9   
p>agraph 7#a7 are functionally di/9ct f 
securities & %\ld be subject to !       
jurisdiction ( ! ,commodity ,futures    
,trad+ ,commission4  #i4 ,support =     
developm5t ( secure1 en]gy-effici5t     
crypto-m9+ h>dw>e  7a7 ,support f       
,national ,in/itute ( ,/&>ds &          
,te*nology  7#a7 ,9 g5]al ,! ,director (
 ! ,national ,in/itute ( ,/&>ds &       
,te*nology %all take su* actions z !    
,director consid]s appropriate to       
support ! developm5t ( secure1          
en]gy-effici5t h>dw>e = ! m9+ (         
cryptocurr5cy4  7#b7 ,grants au?oriz$ ,9
 c>ry+ out p>agraph 7#a71 ! ,director   
may aw>d grants to design rigs = ! m9+ (
 cryptocurr5cy t meets ,unit$ ,/ates    
cyb]security /&>ds4  7b7 ,support f     
,holl+s ,manufactur+ ,ext5sion ,p>tn]%ip
  7#a7 ,9 g5]al ,! ,director %all1 act+ 
?r\gh ! ,holl+s ,manufactur+ ,ext5sion  
,p>tn]%ip1 provide assi/ance to ,unit$  
,/ates manufactur]s to retool = !       

production ( secure1 en]gy-effici5t     
h>dw>e = ! m9+ ( cryptocurr5cy4  7#b7   
,te*nical assi/ance ,! ,director may1   
act+ ?r\gh ! ,p>tn]%ip1 provide te*nical
 assi/ance to ,unit$ ,/ates p]sons :o   
manufactur] h>dw>e t c be us$ = ! m9+ ( 
cryptocurr5cy4  #aj4 ,promotion (       
exports to fri5dly nations ( c]ta9 m9+  
equipm5t produc$ 9 ! ,unit$ ,/ates ,!   
,"u ,secret>y ( ,comm]ce = ,int]national
 ,trade %all develop a program to       
promote exports to fri5dly nations (    
equipm5t = pro(-(-"w m9+ t is produc$ 9 
! ,unit$ ,/ates4  #aa4 ,/rategic ,bitco9
 ,res]ve & ,unit$ ,/ates ,digital ,asset
 ,/ockpile2 yield-g5]at+ au?ority  7a7  
,f9d+s ,congress f9ds ! foll[+3 7#a7    
,bitco9 is a dec5traliz$ digital asset t
 op]ates ?r\gh a pro(-(-"w cons5sus     
me*anism & has function$ )\t c5tral     
au?ority = m ?an #ae ye>s1 demon/rat+   
resili5ce1 security1 & /rategic         
relevance4  7#b7 ,! secure op]ation ( ! 
,bitco9 network dep5ds on pro(-(-"w m9+ 
infra/ructure1 includ+ infra/ructure    

locat$ )9 ! ,unit$ ,/ates & fri5dly     
nations4  7#c7 ,! ,f$]al ,gov]nm5t has a
 national int]e/ 9 promot+ secure1      
dome/ically align$ ,bitco9 m9+          
infra/ructure & hold+ ,bitco9 z a       
long-t]m /rategic res]ve asset ( !      
,unit$ ,/ates4  7#d7 ,on ,m>* #f1 #bjbe1
 ! ,presid5t issu$ ,executive ,ord]     
#adbcc 7#ij ,f$4 ,reg4 #aaghi2 relat+ to
 ,e/abli%m5t ( ! ,/rategic ,bitco9      
,res]ve & ,unit$ ,/ates ,digital ,asset 
,/ockpile7 7ref]r$ to 9 ?is section z ! 
,executive ,ord]71 :i* directs !        
,secret>y ( ! ,treasury to e/abli%--    
7,a7 a ,/rategic ,bitco9 ,res]ve1       
capitaliz$ ) ,bitco9 own$ by ! ,unit$   
,/ates & obta9$ pr9cipally ?r\gh crim9al
 or civil asset =feiture proce$+s &     
civil monet>y p5alties2 &  7,b7 a ,unit$
 ,/ates ,digital ,asset ,/ockpile1      
capitaliz$ ) digital assets o!r ?an     
,bitco9 obta9$ on simil> t]ms4  7#e7 ,! 
,executive ,ord] fur!r direct$ !        
,secret>y ( ! ,treasury & ! ,secret>y ( 
,comm]ce to develop budget-neutral      

/rategies = acquir+ additional ,bitco9 =
 ! ,/rategic ,bitco9 ,res]ve )\t impos+ 
increm5tal co/s on ,unit$ ,/ates        
taxpay]s4  7#f7 ,x is appropriate1 & 9 !
 national int]e/1 to codify & make      
p]man5t ! ,/rategic ,bitco9 ,res]ve & ! 
,unit$ ,/ates ,digital ,asset ,/ockpile 
& to facilitate ! acquisition ( ,bitco9 
m9$ ?r\gh pro(-(-"w op]ations by p]mitt+
 direct sales to ! ,unit$ ,/ates )\t    
recognition ( capital ga9 :]e !         
prov5ance ( t ,bitco9 c be objectively  
demon/rat$ on-*a94  7b7 ,am5dm5ts to    
title #ca1 ,unit$ ,/ates ,code  7#a7 ,9 
g5]al ,sub*apt] ,,ii ( *apt] #c ( title 
#ca1 ,unit$ ,/ates ,code1 is am5d$ by   
add+ at ! end ! foll[+3  #ccd4 ,/rategic
 ,bitco9 ,res]ve & ,unit$ ,/ates        
,digital ,asset ,/ockpile2 yield-g5]at+ 
au?ority  7a7 ,def9itions ,9 ?is        
section3 7#a7 ,bitco9 ,! t]m ,bitco9    
means ! digital asset-- 7,a7 t-- 7i7 is 
native to ! dec5traliz$ pe]-to-pe]      
block*a9 network describ$ 9 ! :ite pap] 
entitl$ ,bitco9 a pe]-to-pe] electronic 

ca% sy/em publi%$ 9 #bjjh "u ! pseudonym
 ,sato%i ,nakamoto2  7ii7 orig9ates f ! 
,g5esis ,block creat$ on ,janu>y #c1    
#bjji2 &  7iii7 ma9ta9s an unbrok5 *a9 (
 blocks f t ,g5esis ,block ?r\gh ! *a9  
recogniz$ by its network ( indep5d5t    
nodes z hav+ ! greate/ cumulative pro( (
 "w2 &  7,b7 ! native unit ( acc\nt (   
:i* is recogniz$ z ,,btc4  7#b7 ,control
 ,! t]m control means ! ability to      
exclusively au?orize ! sp5d+ ( ,bitco9  
associat$ ) an address or set (         
addresses ?r\gh possession ( !          
applicable private keys4  7#c7 ,digital 
asset ,! t]m digital asset-- 7,a7 means 
a natively digital repres5tation ( value
 or rights t is record$ on a            
cryptographically secur$ di/ribut$ l$g] 
or simil> te*nology2 &  7,b7 does n     
include a c5tral bank digital curr5cy ( 
! ,unit$ ,/ates4  7#d7 ,gov]nm5t ,,btc  
,! t]m ,gov]nm5t ,,btc means all ,bitco9
 held by ! ,dep>tm5t ( ! ,treasury t--  
7,a7 has be5 f9ally =feit$ to ! ,unit$  
,/ates or receiv$ 9 satisfaction ( a    

civil monet>y p5alty2 &  7,b7 is n      
requir$ to satisfy re/itution or o!r    
legal obligations4  7#e7 ,m9$ ,bitco9 ,!
 t]m m9$ ,bitco9 means ,bitco9 t-- 7,a7 
0 g5]at$ z "p ( a block subsidy or      
transaction fee includ$ 9 a co9base     
transaction result+ f pro(-(-"w m9+ on !
 ,bitco9 block*a9 7ref]r$ to 9 ?is      
section z a rew>d72 &  7,b7 has n left !
 possession ( ! orig9al recipi5t ( su*  
rew>d s9ce issuance1 z demon/rat$ ?r\gh 
on-*a9 transaction hi/ory4  7#f7 ,on-*a9
 demon/ration ,! t]m on-*a9 demon/ration
 means cryptographic & transaction data 
record$ on ! ,bitco9 block*a9 suffici5t 
to e/abli%1 )\t reliance on (f-*a9      
atte/ations1 t ,bitco9 is m9$ ,bitco94  
7#g7 ,res]ve ,! t]m ,res]ve means !     
,/rategic ,bitco9 ,res]ve e/abli%$ "u   
subsection 7b71 includ+ ! cu/odial      
acc\nts & relat$ adm9i/rative /ructure  
associat$ ) t ,/rategic ,bitco9 ,res]ve4
  7#h7 ,/ake2 /ak+ ,! t]ms /ake & /ak+  
mean committ+ digital assets to a       
block*a9 network t utilizes a           

pro(-(-/ake or simil> cons5sus me*anism 
= ! purpose ( e>n+ protocol-level       
rew>ds4  7#i7 ,/ockpile ,! t]m ,/ockpile
 means ! ,unit$ ,/ates ,digital ,asset  
,/ockpile e/abli%$ "u subsection 7c71   
includ+ ! cu/odial acc\nts & relat$     
adm9i/rative /ructure associat$ ) !     
,unit$ ,/ates ,digital ,asset ,/ockpile4
  7#aj7 ,/ockpile assets ,! t]m         
,/ockpile assets means all digital      
assets o!r ?an ,bitco9 own$ by !        
,dep>tm5t ( ! ,treasury & obta9$ ?r\gh  
=feiture or civil monet>y p5alties4  7b7
 ,/rategic ,bitco9 ,res]ve  7#a7        
,e/abli%m5t ,!re is e/abli%$ 9 !        
,dep>tm5t ( ! ,treasury ! ,/rategic     
,bitco9 ,res]ve4  7#b7 ,composition ,!  
,res]ve %all consi/ ( all ,gov]nm5t     
,,btc & any ,bitco9 subsequ5tly acquir$ 
by ! ,secret>y ( ! ,treasury pursuant to
 ?is section or any o!r provision ( law4
  7#c7 ,protect$ /atus ,bitco9 held 9 ! 
,res]ve %all be treat$ z /rategic res]ve
 assets ( ! ,unit$ ,/ates & may n be    
sold or o!rwise dispos$ ( except        

pursuant to a law enact$ aft] ! date (  
enactm5t ( ?is section t expressly      
au?orizes t disposition4  7c7 ,unit$    
,/ates ,digital ,asset ,/ockpile  7#a7  
,e/abli%m5t ,!re is e/abli%$ 9 !        
,dep>tm5t ( ! ,treasury ! ,unit$ ,/ates 
,digital ,asset ,/ockpile4  7#b7        
,composition ,! ,/ockpile %all consi/   
exclusively ( ,/ockpile assets4  7#c7   
,native-=m hold+ ,to ! maximum ext5t    
practicable1 ,/ockpile assets %all be   
held 9 ! native digital =m ( ^?         
,/ockpile assets4  7d7 ,/rategic ,bitco9
 ,acquisition ,acc\nt  7#a7 ,e/abli%m5t 
,!re is e/abli%$ 9 ! ,treasury ( !      
,unit$ ,/ates a sep>ate acc\nt to be    
kn[n z ! ,/rategic ,bitco9 ,acquisition 
,acc\nt 7ref]r$ to 9 ?is section z !    
,acc\nt74  7#b7 ,cr$its ,not)/&+ section
 #ccjb7;b7 ( ?is title1 ! foll[+ %all be
 cr$it$ to ! ,acc\nt3 7,a7 ,/ak+ rew>ds 
or o!r protocol-level yield e>n$ on     
,/ockpile assets4  7,b7 ,airdrops or    
simil> protocol-bas$ di/ributions       
receiv$ by ! ,unit$ ,/ates by virtue (  

own]%ip or /ak+ ( ,/ockpile assets4     
7,c7 ,proce$s f ! conv]sion1 sale1 or   
ex*ange ( ! assets describ$ 9           
subp>agraphs 7,a7 & 7,b71 & only su*    
assets4  7#c7 ,use ,am\nts 9 ! ,acc\nt  
%all be available )\t fur!r             
appropriation solely =-- 7,a7 !         
acquisition ( ,bitco9 = deposit into !  
,res]ve2 &  7,b7 reasonable & necess>y  
exp5ses incid5t to cu/ody1 security1    
/ak+1 & asset conv]sion4  7e7 ,au?ority 
,to g5]ate yield f ,/ockpile assets     
7#a7 ,au?ority ,! ,secret>y ( !         
,treasury may /ake ,/ockpile assets on  
block*a9 networks t utilize pro(-(-/ake 
or simil> cons5sus me*anisms solely z a 
rev5ue-g5]at+ activity to acquire       
,bitco9 = ! ,res]ve4  7#b7 ,con/ruction 
,activities "u ?is subsection may n be  
con/ru$ z regulat+ digital asset m>kets 
or z endors+ any cons5sus me*anism o!r  
?an pro(-(-"w z a /rategic priority ( ! 
,unit$ ,/ates4  7#c7 ,limitations ,!    
,secret>y ( ! ,treasury may n pl$ge     
,/ockpile assets z collat]al1 expose !  

,unit$ ,/ates to lev]age or m>g9 risk1  
or obligate am\nts f ! g5]al fund ( !   
,treasury to acquire ,bitco9 "u ?is     
section4  7f7 ,acquisition ( m9$ ,bitco9
 f c]tifi$ m9]s & prov5 own]s  7#a7     
,eligibility  7,a7 ,9 g5]al ,! ,secret>y
 ( ! ,treasury %all treat ,bitco9 z m9$ 
,bitco9 eligible = acquisition = deposit
 into ! ,res]ve1 if-- 7i7 su* ,bitco9 0 
issu$ z "p ( a block subsidy or         
transaction fee includ$ 9 a co9base     
transaction result+ f pro(-(-"w m9+ on !
 ,bitco9 block*a92  7ii7 ea* unsp5t     
transaction output repres5t+ su* ,bitco9
 is directly traceable ?r\gh on-*a9     
transaction hi/ory to #a or m co9base   
transactions describ$ 9 clause 7i72     
7iii7 no transaction 9 ! ance/ry ( su*  
,bitco9 includes any input o!r ?an      
unsp5t transaction outputs traceable to 
co9base transactions attributable to !  
same sell]2 &  7iv7 no portion ( su*    
,bitco9 has be5 transf]r$ to1 ex*ang$ )1
 or comb9$ ) ,bitco9 n satisfy+ !       
requirem5ts ( ?is subp>agraph4  7,b7    

,consolidation ,any transaction         
consolidat+ #b or m unsp5t transaction  
outputs describ$ 9 subp>agraph 7,a7 %all
 n disqualify ,bitco9 describ$ 9 t      
subp>agraph f be+ treat$ z describ$ 9 t 
subp>agraph solely by reason ( su*      
consolidation1 provid$ t-- 7i7 all      
inputs to t transaction satisfy clauses 
7i71 7ii71 & 7iii7 ( t subp>agraph2 &   
7ii7 no output ( t transaction is       
transf]r$ to an address n controll$ by !
 same sell]1 o!r ?an am\nts paid z      
transaction fees4  7#b7 ,eligible sell]s
 ,bitco9 meet+ ! requirem5ts ( p>agraph 
7#a7 may be acquir$ by ! ,secret>y ( !  
,treasury directly f-- 7,a7 a c]tifi$   
,bitco9 m9]2 or  7,b7 any own] ( ,bitco9
 t satisfies ! requirem5ts ( p>agraph   
7#a74  7#c7 ,deposit ,bitco9 acquir$ "u 
?is subsection %all be deposit$ into !  
,res]ve & treat$ z ,gov]nm5t ,,btc4     
7#d7 ,v]ification /&>d  7,a7 ,9 g5]al   
,v]ification "u ?is subsection %all be  
bas$ exclusively on data record$ on !   
,bitco9 block*a94  7,b7 ,prohibitions ,=

 purposes ( subp>agraph 7,a71 !         
,secret>y ( ! ,treasury may n require   
(f-*a9 atte/ations1 ?ird-p>ty           
c]tifications1 cu/odial records1 or     
discretion>y det]m9ations beyond        
confirmation t ! conditions set =? 9    
p>agraph 7#a7 h be5 satisfi$4  7g7 ,rule
 ( con/ruction ,no?+ 9 ?is section may  
be con/ru$ to alt] =feiture law1 impair 
victim re/itution1 create any private   
"r-(-action1 or exp& regulatory au?ority
 ov] digital asset m>kets4  4  7#b7     
,te*nical & con=m+ am5dm5t ,! table (   
sections = sub*apt] ,,ii ( *apt] #c (   
title #ca1 ,unit$ ,/ates ,code1 is am5d$
 by add+ at ! end ! foll[+3  ,sec4 #ccd4
 ,/rategic ,bitco9 ,res]ve & ,unit$     
,/ates ,digital ,asset ,/ockpile2       
yield-g5]at+ au?ority4  4