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Montana’s Bitcoin strategic reserve bill passes out of committee

Source Cryptopolitan

On February 19, Montana’s House Business and Labor Committee advanced House Bill 429. It has passed the committee stage, and now moved onto a House floor vote.

The House Bill no. 429 passed with a 12 to 8 vote, with Republicans in favor and all Democrats voting against it.

The bill would allow the state of Montana to invest in stablecoins and digital assets with an average market cap above $750 billion. Currently, only Bitcoin, valued at $97,090 at press time, meets that threshold.

House Bill 429 removes earlier requirements that the funds be held by a qualified custodian or through an exchange-traded fund. If approved, the bill will take effect on 1 July and allow the state’s treasurer to allocate up to $50 million to a special account. This amount will be used to invest in metals, stablecoins, and digital assets by July 15.

Similar bills have appeared in Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas. As of yet, only three state bills have advanced. Utah is in the lead, while Arizona and Oklahoma are just behind it.

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