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coinpedia 2025-02-24 03:32:50

Crypto News: Montana’s Bitcoin Reserve Bill Shelved Citing Risk to Taxpayer Money

The post Crypto News: Montana’s Bitcoin Reserve Bill Shelved Citing Risk to Taxpayer Money appeared first on Coinpedia Fintech News 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. However, as reported by Cointelegraph, Representative Lee Demming said, “If we’re going to keep the taxpayer’s money, I think we owe it to the taxpayers to get as high a return on that money that’s sitting in there, either that or you give it right back to them, so I’m going to vote on this bill for that reason.” Montana Representative Steve Fitzpatrick added, “We can make a return to the taxpayer and ultimately that will allow us to give more money back, to cut taxes, and provide that fiscal relief that people are looking for.” Despite support from some lawmakers who believed in the potential benefits of investing in digital assets, the bill was shelved. Montana’s decision reflects broader resistance to embracing cryptocurrencies, with 24 other states having considered similar legislation. However, Utah has made more progress on its own Bitcoin reserve bill. The vote highlights a clash between traditional governance and the growing influence of the crypto movement.