S.Amdt. 3718

SA 3718. Ms. LUMMIS (for herself and Mr. Tuberville) submitted an
amendment intended to be proposed by her to the bill S. 2296, to
authorize appropriations for fiscal year 2026 for military activities
of the Department of Defense, for military construction, and for
defense activities of the Department of Energy, to prescribe military
personnel strengths for such fiscal year, and for other purposes; which
was ordered to lie on the table; as follows:

At the appropriate place in title X, insert the following:

SEC. 10__. STUDY AND REPORT ON THE STRATEGIC IMPLICATIONS OF
CRYPTOCURRENCY FOR UNITED STATES NATIONAL AND
ECONOMIC SECURITY.

(a) Study and Report Required.--
(1) In general.--The Secretary of Defense shall--
(A) engage an appropriate federally funded research and
development center to conduct a study on--
(i) the strategic implications of cryptocurrencies on the
Department of Defense; and
(ii) recommended courses of action on improving the
Department's posture relating to any such findings; and
(B) not later than August 1, 2026, submit to the Committee
on Armed Services of the Senate and the Committee on Armed
Services of the House of Representatives a report on the
findings of the federally funded research and development
center with respect to the study conducted pursuant to
subparagraph (A).
(2) Scope.--The report submitted pursuant to paragraph
(1)(B) shall, at a minimum, include the following:
(A) Global assessment of national policies related to uses
and integration of cryptocurrencies into governmental
financial instruments.--A detailed assessment of the current
and planned accumulation of cryptocurrencies, by type, by
nation states and nation state-affiliated entities, including
sovereign wealth funds, state-owned enterprises, and
individual national leaders, as well as related policy and
adoption trends.
(B) United states cryptocurrency usage.--An analysis of
present and planned United States Government cryptocurrency
holdings, including policies to assess the risks and benefits
of such holdings compared to traditional financial
instruments.
(C) Legal and policy review.--A review of Department
authorities, policies, regulations, and contractual rules
that govern or constrain any Department component or
contractor in receiving, holding, acquiring, disposing,
transacting, or otherwise lawfully using cryptocurrency.
(b) Coordination and Contributors.--
(1) In general.--In preparing the report required by
subparagraph (B) of subsection (a)(1), the Secretary shall
ensure that the federally funded research and development
center selected for this study under subparagraph (A) of such
subsection is able to coordinate through the Office of the
Secretary of Defense (OSD) and shall incorporate input from--
(A) relevant combatant commands;
(B) Department organizations with economic security or
competition responsibilities and expertise; and
(C) the Under Secretary of Defense for Intelligence and
Security.
(2) Consultation.--In preparing the report required by
subparagraph (B) of subsection (a)(1), the Secretary shall
ensure the federally funded research and development center
selected to conduct the study under subparagraph (A) of such
subsection is able to consult, as the Secretary considers
appropriate, with--
(A) the Executive Director of the President's Council of
Advisors on Digital Assets;
(B) the Chair of the Council of Economic Advisers; and
(C) other interagency partners with relevant expertise.
(3) Solicitation of data, analysis, and assessment
support.--The Secretary may solicit data, analysis, and
assessment support from nongovernmental organizations,
academia, and industry consistent with applicable procurement
and security regulations.
(c) Form of Report.--The report required by subsection
(a)(1)(B) shall be submitted in unclassified form, but may
include a classified annex.
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