Key Takeaways
- Montana's House committee passed a Bitcoin reserve bill 12-8.
- Bitcoin is the only digital asset meeting the bill's $750B market cap rule.
- Utah is the only state to pass a Bitcoin reserve bill through its House.
Montana has taken a step toward recognizing Bitcoin as a reserve asset after its House Business and Labor Committee approved House Bill No. 429 in a 12-8 vote on Feb. 19.
All Republican members voted in favor, while all Democrats opposed the bill.
Investment requirements
The measure proposes a special revenue account for investments in precious metals, stablecoins, and digital assets with an averaged market capitalization exceeding $750 billion over the past year.
Currently, Bitcoin is the only digital asset meeting this requirement.
State-level progress
Montana joins Utah, Arizona, and Oklahoma in advancing similar bills to the House.
However, Utah remains the only state to have passed a Bitcoin reserve bill through its House.
The bill, if enacted, would take effect on July 1, authorizing the state treasurer to transfer up to $50 million into a dedicated investment account by July 15.
Recent amendments
An amendment removed the requirement that funds be held by a qualified custodian or through an exchange-traded fund.
Other states, including Illinois, Kentucky, Maryland, and Texas, have introduced Bitcoin reserve bills but have not yet advanced them to this stage.
Federal developments
Meanwhile, U.S. Senator Cynthia Lummis continues efforts to establish a Bitcoin reserve bill at the federal level.
