US lawmakers in Missouri advanced a revived Bitcoin strategic reserve bill last week, sending it to the House Commerce Committee as part of the next step in the legislative process.
House Bill 2080 was referred to the House Commerce Committee on Feb. 19 for review, where it will undergo a public hearing, a committee vote and potentially receive recommendations for changes before returning to the House for debate and a final vote to pass it through the chamber.
Missouri Representative Ben Keathley introduced House Bill 2080 in January, which proposes allowing the state treasurer to “invest, purchase and hold cryptocurrency using state funds,” according to the legislation’s summary.
The state treasurer can accept gifts, grants and donations from Missouri residents or government entities to help fund the reserve.
The treasurer is also authorized to store the Bitcoin for five years, after which it can be transferred, sold or converted into another token. Transactions involving foreign countries or entities outside of Missouri are prohibited.
Another part of the bill proposes allowing government entities to accept crypto approved by the Department of Revenue for citizens to pay taxes, fees, fines or other expenses owed.
Asset manager VanEck speculated last year that strategic Bitcoin reserves in American states could drive more than $23 billion in demand if adopted.
You need to login in order to Like
Leave a comment