What the Bill Includes

• A reserve fund made of seized digital assets from criminal proceedings.
• The state treasurer can invest up to 10% of the fund in digital assets per fiscal year.
• Loans can be made from the fund to boost returns, as long as risk remains controlled.

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However, Governor Hobbs has recently vetoed 15 bills in one week and pledged to block all legislation until a disability funding bill is passed.

US States in the Bitcoin Reserve Race

Arizona is also advancing SB 1025, a separate bill focused solely on Bitcoin (BTC), allowing public retirement systems and the treasury to allocate up to 10% in BTC.

Other states like Texas, Utah, and New Hampshire have proposed similar legislation. But according to Bitcoin Laws founder Julian Fahrer, Texas may be the first to succeed due to fewer political hurdles.

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Rejection of the Bitcoin Reserve Bill!

In Montana, a bill aimed at directing public funds toward Bitcoin and other digital assets was voted down in the House of Representatives by a margin of 41 to 59. The bill sought to diversify the state’s assets and generate higher returns. However, despite Bitcoin being the only digital asset meeting the bill’s criteria, it faced strong opposition from lawmakers.

This rejection increases the number of U.S. states that are unwilling to use public funds for Bitcoin investments. North Dakota, Wyoming, and Pennsylvania are also among the states that have refused similar regulations.

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States Open to Bitcoin Reserves

Some states, on the other hand, are making progress toward legalizing Bitcoin reserves. According to Bitcoin Reserve Tracker, 19 states, including Arizona, Illinois, Kentucky, Maryland, Oklahoma, New Hampshire, and Texas, still have Bitcoin reserve-related bills under consideration.

• Utah: The “Blockchain and Digital Innovation Amendments” bill includes a provision allowing the state treasury to allocate up to 5% of its funds to digital assets. The bill is still pending.
• Arizona: The Senate Finance Committee has approved a bill that would allow public funds (including pension systems) to allocate up to 10% to cryptocurrencies. The bill has been sent to the Senate Rules Committee for further review before moving to the House of Representatives.
• Texas: Two separate bills are under discussion. One proposes allocating 1% of the general revenue fund to Bitcoin, while the other covers Bitcoin donations and crypto payment conversions.

Other Countries Are Also Considering Bitcoin

As some U.S. states explore the legalization of Bitcoin reserves, the topic is gaining traction globally. Countries like Switzerland, Brazil, Japan, and Russia are evaluating the inclusion of Bitcoin in their national reserve strategies.

With the growing debate over the role of cryptocurrencies in public finance, new legislative proposals and regulatory changes are expected in the coming months.

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According to the bill, the Missouri treasurer would be authorized to receive, invest, and hold Bitcoin under specific conditions.

State Payments to Accept Bitcoin

The bill also mandates that all government entities in Missouri accept cryptocurrency for approved uses, including taxes, fees, fines, and other eligible payments. However, transaction fees would be covered by the payees.

Bitcoin HODL Strategy

Keathley’s proposal requires that the state hold all Bitcoin collected for at least five years before making any transactions. This indicates a long-term investment strategy for Missouri.

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If passed, the bill would give the Missouri treasurer the authority to invest in, purchase, and hold Bitcoin using state funds. The proposed effective date for the bill is August 28, subject to further discussions.

Other States Are Also Moving Towards Bitcoin Reserves!

Missouri’s proposal follows similar initiatives in other states. Utah, through House Bill 230, has advanced legislation allowing up to 5% of state public funds to be allocated to Bitcoin, major cryptocurrencies, and stablecoins.

As of February 7, 17 out of 50 U.S. states have begun discussions on establishing Bitcoin strategic reserves.

Utah has made the most progress so far, with Arizona, Kentucky, New Hampshire, North Dakota, Wyoming, and South Dakota also considering similar measures.

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Utah’s Strategic Bitcoin Reserve Law: Initial Steps and Future Predictions

Dennis Porter, Founder and CEO of Satoshi Act Fund, stated in an interview with Simply Bitcoin that he is confident Utah will be the first state in the U.S. to pass a strategic Bitcoin reserve law. He also mentioned that currently 11 states have introduced such legislation, and he predicts this number could reach 15 by the end of the year.

Utah’s Fast Legislative Process and Digital Asset Taskforce

Porter emphasized that Utah has the shortest legislative approval process, taking only 45 days. He highlighted that Utah has a digital asset taskforce specifically focused on cryptocurrency and Web3 bills, and that every bill passed by this taskforce has become law. The strategic Bitcoin reserve law also successfully passed through this process.

The Importance of Bitcoin Reserves for States

Porter pointed out the importance of Bitcoin reserves for states in protecting their limited budgets. He explained that states’ budgets are dependent on tax revenues and are vulnerable to the devaluation of the dollar. However, with Bitcoin reserves, states can diversify their assets and protect their funds, thereby safeguarding their programs from potential losses at the federal level.

Senator Cynthia Lummis, who is working to pass a federal strategic Bitcoin reserve law, agreed with Porter, acknowledging that states are leading the way in this area. She also recognized the significant advantages Bitcoin reserves offer to states.

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