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Missouri State Rep. Proposes Major Bitcoin Reserve Bill

Missouri State Consultant Ben Keathley has launched HB 1217, a invoice to create a Bitcoin Strategic Reserve Fund. It can enable the state treasurer to “obtain, make investments, and maintain Bitcoin below sure circumstances.” The invoice, filed on February 6, marks Missouri’s entry into the rising pattern of U.S. states contemplating BTC as a reserve asset.

Missouri Bitcoin Reserve Invoice Features Traction

Keathley’s proposal follows an identical transfer in Maryland, the place State Delegate Caylin Younger launched the Strategic Bitcoin Reserve Act of Maryland on February 7. The invoice seeks to determine the Maryland Bitcoin Reserve Fund, designed to carry Bitcoin as a reserve asset for the state. In accordance with the invoice’s synopsis, the fund might be financed by way of penalties collected from “the enforcement of sure playing violations.”

The BTC reserve pattern has gained momentum as states discover different monetary methods amid issues over inflation and the U.S. greenback’s long-term stability. By investing in Bitcoin, these states purpose to create a hedge towards financial uncertainty whereas diversifying their monetary holdings.

Neither Missouri’s HB 1217 nor Maryland’s Strategic Bitcoin Reserve Act has been scheduled for a listening to but. Nevertheless, their introduction alerts rising institutional curiosity in Bitcoin on the state degree. If handed, these payments might set a precedent for different U.S. states to comply with.

Additionally Learn: Maryland State Del. Proposes Strategic Bitcoin Reserve Act