The Parliament’s Bill in Montana No. 429, which sought to establish a state -backed bacterium reserve, failed to move forward after a decisive vote in the House of Representatives in the state.
The draft law was rejected by voting 41-59 on February 22, causing a major blow to the efforts made to integrate Bitcoin into government financial reserves.
🚨 Montana Update: Bitcoin Reserve Bill HB 429 failed to pass a second reading at Montana’s house. He has now died effectively. The vote was 41-59. It was a party largely, but many Republicans voted against the bill. Analysis: HB 429 failed at home, largely due to …
While the supporters argued that the legislation would diversify Montana’s financial strategy, the opposition greatly stems from the financial conservatives who considered bitcoin very volatile for the tax -backed investments.
With this refusal, Montana fell from joining an increasing number of US states to explore Bitcoin as a backup asset.
The Bitcoin plan has a value of $ 50 million from Montana
The proposed legislation had created a special revenue account that allowed Montana to invest in precious metals, niches, and digital assets, including bitcoin.
The bill specified that qualified cryptocurrencies must have a minimum market value of $ 750 billion during the past year.
If approved, the state treasurer will allocate $ 50 million to the Bitcoin Reserve by mid -July 2025.
Although passed through the Business and Labor Committee in the House of Representatives on February 19, the bill faced strong opposition during its second reading.
One of the main concerns among legislators was the potential risk of using taxpayers to invest in digital assets.
Republican lawmakers have greatly opposed this measure, as many argue that the draft law lacks clarity on how to manage state funds.
Actress Jin Gillett expressed doubts about the bill goals, saying that he did not explain how to spend enough money.
Actor Stephen Kelly, another discount, described the cryptocurrency investments as “a very risky means”, on the pretext that the state is responsible for protecting taxpayer funds.
Other legislators, such as Lee Demming, supported the initiative, and claiming that Montana should consider Bitcoin a part of its financial strategy.
Supporters argued that state reserves should include digital assets to increase long -term returns to the maximum, which reflects similar efforts in other states.
The United States is divided into bitcoin reserves
Montana’s rejection of the Bitcoin Reserve bill is highlighted by the broader currency policy at the state level.
While some countries adopted digital origins, some of them remain cautious.
So far, Utah, Arizona and Aklouhoma have made similar legislative efforts, but no state has fully implemented a bitcoin reserve strategy.
Dennis Porter, CEO of the Satoshi Fund for Work, noted that Montana was one of several states that Bitcoin considers part of its financial strategy.
His organization was actively working with legislators in the states, including actor Cortis Schumer and Senator Daniel Zolnikov, to pay for the policies related to Bitcoin.
Despite this setback, Bitcoin advocates continue to pressure the state level.
Supporters argue that bitcoin supplies and decentralized nature make them a strong hedge against inflation.
Critics refer to bitcoin fluctuations, organizational uncertainty and environmental fears as reasons to avoid the state -backed investments originally.
Financial conservatives oppose encryption investments
The rejection of the bitcoin reserve bill in Montana is in line with broader concerns among financial conservatives regarding the cryptocurrency investments.
Legislative people who oppose the bill indicated the volatility of bitcoin and the lack of clear regulatory frameworks as major reasons for their position.
Actor Bill Mercer has argued that the use of taxpayer money to invest in Bitcoin will be an unnecessary risk.
He pointed out that public funds must be protected from speculative investments, especially in view of the history of Bitcoin from the volatile fluctuations in the large price.
This decline reflects the increasing doubts between legislators in the states about the government’s participation in cryptocurrency investments.
While some countries have introduced pro -bitcoin policies, the resistance of financial conservatives is still a major obstacle.
With Montana’s decision, the discussion continues on bitcoin reserves at the state level.
While the failure of the draft law represents a setback for Bitcoin’s accreditation in the state, the ongoing legislative efforts throughout the United States indicate that the discussion has not yet ended.
Beyond Montana, legislators reject the Bitcoin Reserve Law: Here is the reason for its first appearance on Invezz
