Montana’s Bitcoin Reserve Bill Shelved Citing Risk to Taxpayer Money
On February 22, the Montana House of Representatives voted 41-59 against a bill that would make Bitcoin a state reserve asset. The proposed House Bill 429 aims to create a special income account to invest in Bitcoin, stable metals and precious metals that meet the $750 billion market cap threshold, which is the standard that only Bitcoin currently implements. However, many Republican lawmakers expressed concerns about speculation about the risks of taxpayer funds and voted against the bill.
State Representative Steven Kelly believes these types of investments are too risky, emphasizing the need to protect public funds. But, as Cointelegraph reported, Representative Lee Demming said: “If we were to keep taxpayers’ money, I think we owe taxpayers to get the return on that money that was sitting there, or it was You return it to them immediately, so I will vote on the bill for that reason.”
Montana Representative Steve Fitzpatrick added: “We can return to taxpayers and will eventually allow us to refund more money, cut taxes, and provide the financial relief people are looking for. “The bill was put on hold despite some lawmakers believing in support of potential gains from investing in digital assets.
Montana’s decision reflects a broader boycott of embracing cryptocurrencies, with 24 other states considering similar legislation. But Utah has made even greater progress on its own Bitcoin reserve bill. The vote highlights the conflict between traditional governance and the growing influence of the crypto movement.
