A bill that would require the US government to hold confiscated Bitcoin long term as a strategic asset has passed the House Financial Services Committee.

Cointelegraph reported on Sept. 16 that the committee approved the American Reserve Modernization Act, or H.R. 8957, by a 28-21 vote.

The bill would require the Treasury Department to hold Bitcoin obtained through criminal and civil forfeiture proceedings for at least 20 years as a strategic reserve asset instead of selling it.

The committee vote marks a step forward in efforts to codify a strategic Bitcoin reserve. H.R. 8957 will next go to the full House for consideration.