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20/02/25
19
Montana Moves to Embrace Bitcoin: House Committee Advances Crypto Legislation
Montana’s House Business and Labor Committee has recently approved a significant piece of legislation aimed at integrating Bitcoin and other cryptocurrencies into the state’s financial framework. The committee voted 12-8 in favor of House Bill No. 429, with support exclusively from Republican members while Democrats opposed the measure.
This legislation stands out as the fourth initiative concerning crypto reserves at the state level in the United States. It proposes the establishment of a special revenue account dedicated to investments in precious metals, stablecoins, and digital assets that maintain an average market capitalization of over $750 billion over the past year. Currently, Bitcoin is the only cryptocurrency satisfying this criterion.
Following this committee endorsement, the bill is set to advance to the House for further deliberations. Only a handful of states, including Utah, Arizona, and Oklahoma, have progressed to a similar stage with respect to legislation concerning Bitcoin reserves. This specific bill has been modified to remove a stipulation that necessitated the funds to be managed by a qualified custodian or via an exchange-traded fund.
If the bill secures final approval, it will take effect on July 1, allowing the state’s treasurer to allocate up to $50 million to this special account for investments in precious metals and digital assets, with a target date of July 15 for this transfer.
Several other states, including Illinois, Kentucky, and Texas, have also proposed similar Bitcoin reserve legislation, reflecting a growing trend across the country. Notably, Utah has emerged as a frontrunner in this regulatory landscape, being the only state that has successfully passed a Bitcoin reserve bill through the House. Meanwhile, efforts are underway at the federal level to formulate a cohesive Bitcoin reserve strategy.
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