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Crypto News: Montana’s Bitcoin Reserve Bill Shelved Citing Risk to Taxpayer Money
On February 22, the Montana House of Representatives voted 41-59 against a bill that would have made Bitcoin a state reserve asset. The proposed House Bill No. 429 aimed to create a special revenue account for investing in Bitcoin, stablecoins, and precious metals that meet a market cap threshold of $750 billion—criteria that only Bitcoin currently fulfills.
However, many Republican lawmakers expressed concerns about the risks of speculating taxpayer money and voted against the bill. State Representative Steven Kelly argued that these types of investments were too risky, stressing the need to protect public funds.
On the other hand, some lawmakers such as Representative Lee Demming believed that if they are going to keep taxpayer’s money, they have an obligation to get a high return on that money or give it back to taxpayers. Montana Representative Steve Fitzpatrick also added that this could lead to returning more money to taxpayers and ultimately cutting taxes.
Despite the support from some lawmakers who believed in the potential benefits of investing in digital assets, the bill was eventually shelved. This decision reflects broader resistance to embracing cryptocurrencies, with 24 other states having considered similar legislation. However, Utah has made progress on its own Bitcoin reserve bill.
The vote highlights a clash between traditional governance and the growing influence of the crypto movement.
