Montana Advances Bitcoin Reserve Bill to the House for Approval

Montana Pushes for Cryptocurrency Adoption with Bitcoin Reserve Bill

Montana has taken a significant step in recognizing Bitcoin as a reserve asset. The state's House Business and Labor Committee has passed House Bill No. 429, making Montana the fourth US state to advance such legislation to the House. The bill proposes a special revenue account for investing in Bitcoin, stablecoins, and precious metals. If approved, this could be a major move for cryptocurrency adoption in state-level financial policies.

Montana Moves Forward with Bitcoin Reserve Bill

Montana's House Business and Labor Committee passed House Bill No. 429 by a 12-8 vote on Feb. 19. The vote was strictly along party lines, with all Republicans voting for the bill and all Democrats voting against it.

• The bill allows the state to invest in market capitalizations that are greater than $750 billion.

• Bitcoin (BTC) is the sole cryptocurrency that is currently fulfilling this need.

• If enacted, Montana will follow Utah, Arizona, and Oklahoma in passing corresponding legislation.

This is another state-level initiative to include Bitcoin in government treasury reserves, a sign of increasing interest in digital assets as an economic strategy.

Key Provisions of House Bill No. 429

The bill explains how Montana will treat investments in digital assets. The proposal consists of:

• Establishing a special revenue account for precious metals, stablecoins, and Bitcoin.

• Permitting the state treasurer to invest as much as $50 million in virtual assets.

• Eliminating the stipulation that monies must be held in the name of an approved custodian or exchange-traded fund (ETF).

These provisions reflect Montana's intention to grant flexibility in dealing with digital asset investments so that it becomes simple to incorporate cryptocurrencies into state reserves.

Bitcoin Reserve Legislation in Other US States

Montana is among a rising number of states to consider Bitcoin reserves.

• Utah has progressed the furthest, with its bill having passed the House.

• Other states, such as Pennsylvania, Ohio, and Texas, have proposed similar legislation.

• More states are considering legislation as Bitcoin’s role in finance expands.

Federal Efforts and Industry Reactions

At the federal level, US Senator Cynthia Lummis continues to push for national Bitcoin reserve legislation. Meanwhile, Satoshi Action Fund CEO Dennis Porter predicts that Utah may be the first state to adopt a Bitcoin reserve.

As Montana’s bill moves forward, its success or failure could influence future crypto-friendly legislation in the US.