Montana’s House Business and Labor Committee has passed a bill that could open the door for Bitcoin and other cryptocurrencies to become reserve assets.
Montana’s business and labor committee passed House Bill No. 429 in a 12-8 vote on Feb. 19, with all Republicans voting in favor and all Democrats opposed.
The fourth crypto reserve bill to reach the House at the state level in the US, the measure would create a special revenue account to invest in precious metals, stablecoins and digital assets with an averaged market cap above $750 billion over the last calendar year.
Out of the digital assets, Bitcoin (BTC) is the only one that currently meets this requirement.
The bill will now head to Montana’s House — a stage in the legislative process that only Utah, Arizona, and Oklahoma have reached when it comes to Bitcoin reserve-related bills.
Source: Satoshi Action Fund
The bill was amended to exclude the requirement that funds must be held by a qualified custodian or through an exchange-traded fund.
If passed, the bill would become effective on July 1, allowing the state treasurer to move up to $50 million to a special account used to invest in precious metals, digital assets and stablecoins by July 15.
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Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota and Texas are among the other US states that have also introduced bills for a Bitcoin reserve.
Source: Bitcoin Laws
Utah has made the most regulatory progress, being the only state to have a Bitcoin reserve bill passed through the House.
Satoshi Action Fund CEO Dennis Porter recently tipped Utah to be the first US state to adopt a Bitcoin reserve, citing the state’s shorter legislative window calendar and “political momentum.”
US Senator Cynthia Lummis is still trying to pass a Bitcoin reserve bill at the federal level.
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