The post Are States Going to Miss Out? Montana’s House Holds Off on Bitcoin Reserve Bill – CryptoNinjas appeared on BitcoinEthereumNews.com.

Key Takeaways: In Montana, House lawmakers shot down a proposal to create a state Bitcoin reserve. Opposition was dominated by fears about the risk to taxpayer money or speculation. The bill’s defeat also underscores challenges to securing widespread legislative support for crypto adoption. The rejection of House Bill No. 429 in Montana, which would have established an official state Bitcoin reserve, has stirred controversy over the risks involved in embracing cryptocurrency. The vote, which took place on February 22nd, saw most lawmakers vote against the bill, with 59 against and 41 for it, indicating that lawmakers are treading carefully when it comes to embracing digital assets. The debate represents a broader tension between innovation and fiscal responsibility as states navigate cryptocurrency’s changing world. 🚨 MONTANA Update: 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 — Bitcoin Laws (@Bitcoin_Laws) February 22, 2025 The Breakdown: How HB 429 Worked House Bill No. 429 proposed the establishment of a special revenue account for investing in precious metals, stablecoins, and digital assets that satisfy certain criteria. Importantly, the bill required that qualifying digital assets have had an average market cap above $750 billion for the prior calendar year. Bitcoin was, at the time of the proposal, the only digital currency that met that criterion, which meant it was the target of the legislation. The bill also would have given Montana’s Board of Investments authority to invest in these asset classes, which could have extended the state’s portfolio beyond traditional investments such as bonds and equities. Supporters said it could offer greater returns for taxpayers and act as a hedge against inflation. Reasons for Rejection: An In-depth Guide…

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Filed under: News - @ February 24, 2025 5:24 pm