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- Gate July 2025 Transparency Report:
Accelerating Leadership in the Global Crypto Landscape!
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Unexpected Rejection Decision for Bitcoin in the USA: Reserve Bill Shelved! - Coin Bulletin
The Montana House of Representatives voted 59 to 41 to reject a bill that would have made Bitcoin the (BTC) state reserve asset.
The Montana House of Representatives, in a vote on February 22, rejected House Bill No. 429, which proposed investing in precious metals, stablecoins, and digital assets with a market value of over $750 billion in the past year, citing concerns that it would grant the Montana Investment Board the authority to engage in excessive speculation with taxpayers' money, as only Bitcoin met this criteria, with 59 votes against 41.
Rep. Steven Kelly, one of the lawmakers who opposed the bill, said, "It's still taxpayers' money, and we're responsible for it, we need to protect it." Kelly argued that such investments are "very risky".
Another representative Bill Mercer expressed dissatisfaction with granting the Montana Investment Board the authority to invest in cryptocurrencies and NFTs.
However, Rep. Lee Demming argued that the bill could make it easier, emphasizing that the state should provide the highest return on taxpayers' money: "If we're going to keep taxpayers' money, we've got to give them the highest return on that money."
Curtis Schomer, one of the lawmakers who supported the bill, commented that "Not passing this bill is the real risk" and that the state would lose its purchasing power by investing only in bonds.
The bill passed 12-8 in the Montana Labor and Workforce Committee on February 19th. However, with its rejection in the House of Representatives, the bill is currently on hold and a similar Bitcoin reserve bill will need to be reintroduced in the future.
24 states across the U.S. have introduced bills aimed at designating Bitcoin as a reserve asset. Bills are still active in 20 of those states.
Utah state made the most progress by passing the bill through the Senate Revenue and Taxation Committee, especially. The bill has been sent to the Senate for second and third readings for the final vote.