Montana’s attempt to establish a Bitcoin Reserve faced a setback with the House Bill No. 429 failing to pass in a 41-59 vote.
Montana's Attempt to Establish a Bitcoin Reserve Fails
House Bill No. 429, aimed at creating a special revenue account for investing in precious metals, stablecoins, and high-market-cap digital assets, did not pass the House of Representatives.
Reasons for the Bill's Rejection
State Representative Steven Kelly expressed concerns about the risks of such investments, emphasizing the responsibility of lawmakers to protect taxpayer funds. An amendment proposing to fund the bill from interest earned under the American Rescue Plan Act failed to gain sufficient support. While a majority of Republicans backed the bill, 18 opposed it along with the unanimous Democratic opposition.
Views of Other Executives
Representative Lee Demming argued that if the state retains taxpayer money, it should maximize returns for public benefit. Conversely, Representative Bill Mercer worried about granting Montana’s Board of Investments the power to invest in cryptocurrencies and NFTs.
Despite some recognition of House Bill No. 429's potential, it was not enough for its passage. While Montana rejects this initiative, 24 other US states continue to advance similar bills.
