Montana to advance Bitcoin reserve bill to House

Montana has advanced a Bitcoin reserve bill, potentially leading to broader crypto adoption. The House Business and Labor Committee passed House Bill No. 429 by a 12-8 vote on February 19, with Republicans in favor and Democrats opposed. This makes Montana the 4th state to advance a Bitcoin reserve-related bill to its House.

The bill allows for the creation of a special revenue account for investments in precious metals, stablecoins, and digital assets. To qualify, digital assets must maintain an average market capitalization exceeding $750 billion over the previous calendar year. Currently, Bitcoin is the only crypto meeting this requirement.

If the bill passes, the state treasurer can allocate up to $50 million to this special account for investment purposes by mid-July.

Other states, including Utah, Arizona, and Oklahoma, have also advanced similar legislation focused on crypto reserves. States such as Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas are exploring similar initiatives.

The bill was amended to remove the requirement that funds be held by a qualified custodian or through an ETF.

Utah's "Strategic Bitcoin Reserve" bill has passed the House and is moving to the Senate. The bill would allow the state treasurer to allocate up to 5% of certain public funds to buy qualifying digital assets, such as BTC, high-cap crypto assets, and stablecoins.

Arizona’s Strategic Bitcoin Reserve Act (SB1025) has passed the Senate Finance Committee and is awaiting a House vote.

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