Montana Says No to State Bitcoin Holdings
Montana lawmakers rejected Bill 429 at the House Floor Conference. The bill would allow the state to hold Bitcoin (BTC) as a state asset.
This is ahead of the bill proposed by the Commerce and Labor Commission last week by 12-8.
Montana Strategic Bitcoin Reserves Act Denied
House Bill 429 also includes provisions Used to invest in precious metals and Stable. At the same time, Bitcoin is the only digital asset that meets the market capitalization requirement of US$750 billion.
Representative Curtis Schomer called it “a valuable bill for the Ministry of Finance.” He stressed the need to diversify national reserves Concerns about inflation and federal political shifts.
“The dollar is not as powerful as we think we shouldn’t have all the eggs in one basket.” explain.
Schomer highlights precious metals as a historical hedge against economic uncertainty and digital assets, a modern investment with long-term growth potential. He stressed that digital assets have The potential for index returns.
“Montana will have more control over its economic development and will not be vulnerable to federal political unrest,” Schomer added.
He also noted that the bill’s move will help boost economic growth in the state.
Nevertheless, the bill was rejected with a vote of 41-59. The proposal faces partisan division to a large extent. However, many Republicans and Democrats objected.
Bitcoin Law: “HB 429 failed in the house, mainly due to fiscal conservative opposition.” Posted On X (formerly Twitter).
Under Bitcoin law, fiscal conservatives are allocated on legislation related to Bitcoin. Some people think that taxpayers’ money is used Investing in Bitcoin is too risky and make up guesses.
“It’s still taxpayer money, we’re responsible for it, we need to protect it,” state representative Steven Kelly said.
At the same time, supporters object to the calculation Increased state assets is a necessary riskspecial Inflation. They describe it as a greater threat to taxpayers. Furthermore, they constitute Bitcoin as a tool that can preserve and possibly increase the value of national reserves over time.
Although the amendment attempted to fund the bill through the U.S. Rescue Plan Act (ARPA) rather than general funding, lawmakers questioned the legitimacy of the move, further undermining support.
With HB 429’s rejection, Montana joined Wyoming, North Dakota, Mississippi and Pennsylvaniasimilar legislation related to Bitcoin failed. Meanwhile, the other 20 states are considering positive suggestions that are being considered.
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