Montana Approves Bitcoin Reserve Bill: BTC Could Become an Official Reserve Asset
A bill that could become Bitcoin and other cryptocurrency reserve assets was approved by Montana’s House Business and Labor Committee. House Bill No. 429 was approved by Montana’s business and labor committee on February 19 by a vote of 12–8, with all Democrats voting against it and all Republicans supporting it.
The bill, which would establish a special income account for investments in digital assets, stablecoins, and precious metals having an average market value of more than $750 billion over the previous year, is the fourth cryptocurrency reserve law to make it to the US House at the state level. Bitcoin is currently the only digital asset that satisfies this criteria.
Utah Leads the Charge: Could It Be the First U.S. State with a Bitcoin Reserve?
A recently modified law that would eliminate the need for funds to be held by an exchange-traded fund or qualified custodian could open the door for a Bitcoin reserve in the United States. The law could go into effect on July 1 if it is adopted, giving the state treasurer the power to allocate up to $50 million by July 15 into a special account for investments in digital assets, stablecoins, and precious metals.
Similar Bitcoin reserve legislation has been introduced in several states, including Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas. In addition, as the first state to pass a Bitcoin reserve measure through the House, Utah is setting the standard for regulatory advancement. Citing Utah’s expedited legislative procedure and robust political support, Satoshi Action Fund CEO Dennis Porter thinks the state may become the first in the United States to create a Bitcoin reserve.
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