Montana Moves Closer to Bitcoin Adoption with New Legislation
Montana is making strides in recognizing Bitcoin as a reserve asset. The state’s House Business and Labor Committee has approved House Bill No. 429, moving it forward for a full House vote. If passed, this legislation would establish a special revenue account for investing in Bitcoin (BTC), stablecoins, and precious metals, marking a major milestone for cryptocurrency adoption at the state level.
House Bill No. 429 Gains Momentum
The Montana House Business and Labor Committee voted 12-8 in favor of the bill on February 19, with Republicans supporting it and Democrats opposing it. The proposed legislation allows the state to invest in assets with a market capitalization exceeding $750 billion, a criterion currently met only by Bitcoin.
If enacted, Montana will join Utah, Arizona, and Oklahoma in passing similar Bitcoin reserve legislation. This move highlights the growing acceptance of digital assets in government financial strategies.
Key Features of the Bitcoin Reserve Bill
The legislation outlines a framework for how Montana will manage digital asset investments:
- Creation of a special revenue account for Bitcoin, stablecoins, and precious metals.
- Permission for the state treasurer to invest up to $50 million in digital assets.
- Removal of restrictions requiring funds to be held under an approved custodian or ETF.
These provisions increase flexibility in incorporating cryptocurrencies into state reserves, paving the way for broader institutional acceptance.
How Other US States Are Embracing Bitcoin Reserves
Montana is not alone in pushing for Bitcoin reserves. Several states have already taken steps in this direction:
- Utah has advanced its bill the furthest, having already passed it in the House.
- Arizona, Oklahoma, and Pennsylvania have proposed similar legislation.
- Texas and Ohio are also considering Bitcoin-related financial policies.
As Bitcoin’s influence in traditional finance grows, more states are expected to introduce comparable bills.
Federal Push for Bitcoin Reserves
At the federal level, US Senator Cynthia Lummis has been a vocal advocate for Bitcoin reserves, seeking to bring national-level legislation into play.
Meanwhile, Dennis Porter, CEO of Satoshi Action Fund, believes Utah may be the first to officially implement6 a Bitcoin reserve policy.
The Road Ahead for Montana
With Montana’s Bitcoin reserve bill now heading for a full House vote, its success or failure could shape the future of crypto-friendly policies across the United States. If passed, it could signal a new era of Bitcoin adoption in state treasuries, encouraging other states and federal agencies to follow suit.
This legislative progress reinforces Bitcoin’s role as a serious financial asset, potentially accelerating cryptocurrency integration into mainstream economic policies.
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