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Coinpaprika 2025-01-30 09:18:52

Illinois and Indiana Push for Bitcoin Reserves in New Bills

Illinois and Indiana are taking steps to establish a Strategic Bitcoin Reserve , joining other states exploring Bitcoin as a financial asset. Illinois is pushing for a Bitcoin reserve fund, while Indiana is focusing on blockchain applications and Bitcoin investment through ETFs. Illinois State Representative John M. Cabello introduced House Bill 1844 (HB1844) , known as the Strategic Bitcoin Reserve Act. The bill recognizes Bitcoin as a decentralized and limited asset that could serve as a hedge against inflation and economic uncertainty. The proposed reserve would be managed by the State Treasurer and allow Bitcoin donations from residents and government entities. Bitcoin added to the fund would be held for at least five years before being sold, transferred, or converted. The bill also includes rules for transparency, requiring regular reports on fund management. Meanwhile, Indiana’s approach differs slightly. House Bill 1322 , introduced by Representative Jake Teshka and co-authored by Representatives Shane Lindauer and Cory Criswell, focuses on both blockchain integration and Bitcoin investment. It directs the Department of Administration to explore how blockchain technology can improve government efficiency, security, and services. Additionally, the bill allows state-managed funds, including public employees' retirement funds and state teachers' retirement funds, to invest in approved Bitcoin ETFs. These ETFs include both spot Bitcoin ETFs, which hold Bitcoin directly, and Bitcoin futures ETFs , which track Bitcoin prices through derivatives. This movement aligns with initiatives in states like Utah and Arizona, which are advancing legislation to invest public funds in digital assets. Texas Lieutenant Governor Dan Patrick has also made the Bitcoin Reserve a priority for 2025. Other states, including South Dakota and Kentucky, may follow with similar proposals. As more states consider Bitcoin as part of their financial strategy, the impact of these policies on state economies and public investments remains to be seen.

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