Key Takeaways
- Missouri's House Bill 1217 proposes a Bitcoin reserve fund.
- The bill mandates Bitcoin acceptance for state payments.
- 16 U.S. states are considering Bitcoin reserve legislation.
Missouri Representative Ben Keathley has introduced House Bill 1217, which proposes the establishment of a Bitcoin Strategic Reserve Fund to diversify the state’s investments and hedge against fiat currency inflation.
Bitcoin reserve fund details
Filed on Feb. 6, the bill would allow the Missouri treasurer to receive, invest, and hold Bitcoin under specific conditions.
It also proposes that government entities in Missouri must accept Bitcoin for payments such as taxes, fees, and fines, with payees responsible for covering transaction fees.
Holding strategy
Additionally, the bill outlines a long-term Bitcoin holding strategy, requiring the state treasurer to store Bitcoin for at least five years after acquisition.
Implementation timeline
HB 1217 would authorize the Missouri state treasurer to invest in Bitcoin using state funds.
The bill is set to take effect on Aug. 28, pending further discussions. However, a second hearing has yet to be scheduled.
National context
Missouri’s initiative follows a similar Bitcoin reserve bill in Utah, which passed through the House on Feb. 6 and is now moving to the Senate.
Utah’s House Bill 230, introduced by Representative Jordan Teuscher, seeks to allocate up to 5% of certain public funds to Bitcoin and other digital assets.
Other states’ progress
As of Feb. 7, a total of 16 U.S. states are actively discussing Bitcoin strategic reserve legislation, with Utah leading the way toward enactment.
Other states considering similar measures include Arizona, Kentucky, New Hampshire, and Wyoming.
