YEREVAN (CoinChapter.com) — Representative Ben Keathley introduced House Bill 1217 to establish a Bitcoin Strategic Reserve Fund for Missouri. Filed on Feb. 6, the bill seeks to add Bitcoin (BTC) to the state’s investment portfolio as a hedge against fiat currency inflation. The proposal gives the Missouri treasurer the authority to receive, invest, and hold Bitcoin under specific conditions.
Bitcoin Fund to Be Managed by State Treasurer
Under the bill, the Missouri treasurer would oversee the Bitcoin reserve fund, which could acquire Bitcoin through state funds, gifts, and donations from both governmental entities and Missouri residents. The bill also outlines a long-term holding strategy, requiring that any Bitcoin received must be stored for at least five years. The bill does not include provisions for selling or trading Bitcoin before this period ends.
Missouri Government to Accept Bitcoin for Payments
HB 1217 also mandates that government agencies in Missouri accept cryptocurrency payments in cases approved by the Department of Revenue. This includes taxes, fees, fines, and other eligible payments. However, individuals making these payments would be responsible for covering transaction fees.
The proposed effective date for HB 1217 is Aug. 28, but it remains subject to further legislative discussions. At the time of writing, the bill had not been scheduled for a second hearing.
Utah Moves Forward with Bitcoin Investment Proposal
A similar proposal is advancing in Utah. Utah is advancing its plan to establish a Bitcoin reserve, benefiting from its 45-day legislative calendar. The state’s digital asset task force, which operates outside of regular sessions, plays a key role in ensuring continuous progress.
At least 15 US states are discussing Bitcoin reserves, but Utah’s legislative structure allows it to move faster. Donald Trump previously announced plans for a national crypto reserve, but his executive order did not create a direct path for individual states. According to Dennis Porter, Utah is likely to lead.
A Bitcoin reserve proposal was introduced by a Utah legislator in late January, and it passed through committee in just over a week. Few other states have moved as quickly on similar proposals. Utah’s digital asset task force, established in 2022, allows lawmakers to plan and refine strategies before the legislative session begins.
Utah has supported Bitcoin policies for several years, creating a regulatory framework that could make a Bitcoin reserve more viable. The state government has already passed pro-crypto laws, making it one of the most crypto-friendly states in the US. The combination of legislative speed, ongoing policy work, and political support makes Utah a strong contender for becoming the first US state to hold a Bitcoin reserve.
Multiple U.S. States Exploring Bitcoin Reserves
As of Feb. 7, 17 U.S. states have begun discussions on establishing Bitcoin strategic reserves, according to bitcoinlaws.io. Utah is the closest to implementing a Bitcoin reserve, standing two steps away from passing its bill. Other states considering similar legislation include Arizona, Kentucky, New Hampshire, North Dakota, Wyoming, and South Dakota.
With several states pushing for Bitcoin in state investments, discussions around cryptocurrency adoption in government finance continue.