The post U.S. State Bitcoin Reserve Plans Hit Roadblock as Multiple Bills Rejected appeared on BitcoinEthereumNews.com.

A surge of state-level Bitcoin reserve proposals across the U.S. has hit a roadblock, after multiple states rejected bills to invest public funds in the leading crypto. Of the 50 U.S. states, over 20 have introduced or are considering legislation related to Bitcoin reserves or investments in digital assets, but the fate of many of these bills remains uncertain. But over the past few weeks, several states—including Montana, South Dakota, North Dakota, Pennsylvania, and Wyoming—have dealt setbacks to the growing Bitcoin reserve initiative. Montana’s Bitcoin reserve proposal, House Bill 429, faltered following its introduction in late January. The bill sought to allocate up to $50 million in public funds for Bitcoin, stablecoins, and precious metals. Despite arguments from Representative Curtis Schomer, who endorsed the bill as a way to diversify state assets and potentially secure higher returns, the proposal failed in a 59-41 vote in the House of Representatives on February 21. Similarly, South Dakota’s HB 1202, which proposed allocating up to 10% of the state’s public funds into Bitcoin, was rejected by the House Commerce and Energy Committee in a 9-3 vote on February 24. While Representative Logan Manhart, the bill’s sponsor, argued that Bitcoin could preserve value in inflationary environments, Matt Clark, South Dakota’s State Investment Officer, cautioned against the asset’s volatility. Pennsylvania, North Dakota, and Wyoming have also seen their Bitcoin reserve proposals either rejected or stalled in legislative committees. North Dakota’s proposal, HB 1184, which sought to explore the feasibility of a Bitcoin reserve, failed to pass the House with a vote of 57-32. Pennsylvania’s HB 2664 proposed investing up to 10% of the state’s funds in Bitcoin but was effectively killed, while Wyoming’s bill, introduced in mid-January, was rejected by the state committee on February 6. State and national Bitcoin reserves The momentum behind Bitcoin…

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Filed under: News - @ February 27, 2025 2:26 pm