A bill that would have allowed Montana to invest in Bitcoin and other assets was voted down by a majority in the House of Representatives.
Overview of Bill 429
House Bill 429 proposed allowing Montana to invest in Bitcoin, precious metals, and stablecoins. It passed Montana's Business and Labor Committee but failed in the House of Representatives with only 41 votes in favor and 59 against.
Arguments of Supporters and Opponents
Supporters of the bill, such as Representatives Lee Demming and Steve Fitzpatrick, argued that investing in Bitcoin could provide better returns on taxpayer money. Demming stated that the state had an obligation to ensure the highest possible return on taxpayer funds. Opponents, including Steven Kelly, argued that the volatility of cryptocurrencies made such investments too risky for state money.
Position of Other US States
Montana joined Wyoming, North Dakota, and Pennsylvania as the only four US states to reject similar crypto reserve bills. Meanwhile, 19 other states are reviewing similar legislation, with Utah and Arizona having advanced their bills to their respective Senate floors.
Montana's bill to invest in cryptocurrencies has failed, leaving the state questioning how to modernize its investment strategies.
