Key Takeaways:
- Montana House Rejects Bill: Lawmakers voted 41-59 against House Bill No. 429, which aimed to create a Bitcoin reserve, citing financial risks.
- Investment Concerns: Opponents argued taxpayer funds should not be exposed to speculative assets like Bitcoin and NFTs.
- Growing State Interest: Despite Montana’s rejection, 24 U.S. states have introduced similar Bitcoin reserve bills, with Utah making significant legislative progress.
Montana’s House of Representatives rejected a proposal to establish a state Bitcoin reserve, voting 41-59 against House Bill No. 429 on February 22.
The bill aimed to create a special revenue account for investments in precious metals, stablecoins, and digital assets with a market capitalization exceeding $750 billion—currently limited to Bitcoin.
🚨 MONTANA Update:
— Bitcoin Laws (@Bitcoin_Laws) February 22, 2025
Bitcoin Reserve bill HB 429 failed to pass a second reading in the Montana House. It is now effectively dead.
The vote was 41 – 59. It was largely partisan, but many Republicans voted against the bill.
ANALYSIS:
HB 429 failed in the House, largely due to… pic.twitter.com/AJK8sPrf1N
Opposition lawmakers cited concerns over financial risk, arguing that taxpayer funds should not be exposed to speculative investments.
Representative Steven Kelly emphasized the need to protect public money, while Representative Bill Mercer opposed allowing Montana’s Board of Investments to manage cryptocurrencies and NFTs, calling it “speculation.”
Supporters, however, argued that Bitcoin could help maximize state returns.
Representative Lee Demming stressed that Montana should seek the highest returns on taxpayer money, while bill sponsor Curtis Schomer warned that avoiding such investments could erode purchasing power.
Representative Steve Fitzpatrick suggested that better fund utilization could lead to tax cuts and fiscal relief.
Despite some lawmakers proposing amendments, the bill’s rejection effectively ends the initiative, unless reintroduced.
Montana joins 24 other U.S. states that have explored Bitcoin reserve legislation, with Utah’s HB230 advancing the furthest, currently awaiting a Senate vote.
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