Congressman Nick Begich promoted a Strategic Bitcoin Reserve bill, arguing it would allow the U.S. federal government to keep Bitcoin obtained through law enforcement seizures instead of auctioning it.

According to NS3.AI, Begich said Bitcoin represents close to 60% of the cryptocurrency market’s capitalization.

The proposal, titled the American Reserve Modernization Act, would change current handling of seized Bitcoin by permitting the government to retain it. Begich also framed the bill as a hedge against the possibility that the U.S. dollar does not remain the world’s reserve currency.