House Bill 1217, introduced by Representative Ben Keathley, aims to establish a Bitcoin reserve fund for Missouri and mandate crypto acceptance for state payments. <\/p>\n
<\/span> 11806 <\/span> Total views <\/span><\/p>\n 10 <\/span> Total shares <\/span><\/p>\n<\/div>\n Missouri Representative Ben Keathley introduced House Bill 1217, which proposes the creation of a Bitcoin Strategic Reserve Fund to diversify the state\u2019s investment portfolio.<\/p>\n On Feb. 6, Keathley filed HB 1217, proposing the US state of Missouri diversify its portfolio to include Bitcoin (BTC<\/a>) as a hedge against fiat currency inflation. If signed into law, the bill will allow the Missouri treasurer \u201cto receive, invest, and hold Bitcoin under certain circumstances.\u201d<\/p>\n Source: <\/em>Representative Ben Keathley<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n In the introductory bill, Keathley recommended establishing a Bitcoin Strategic Reserve Fund to be overseen by the state treasurer. The Bitcoin fund would also be able to collect Bitcoin via gifts and donations from governmental entities and Missouri residents.<\/p>\n It would also require all government entities in Missouri to accept cryptocurrency in uses approved by the Department of Revenue, which would include taxes, fees, fines and other eligible payments. However, payees would be required to cover transaction fees.\u00a0<\/em><\/p>\n Missouri House Bill 1217. Source: house.mo.gov<\/em><\/p>\n<\/figcaption><\/figure>\n Additionally, Keathley\u2019s HB 1217 proposed a long-term Bitcoin hodl strategy for the state:<\/p>\n \u201cThe treasurer shall store all Bitcoin collected under sub-section 2 of this section for a minimum of five years from the date that the Bitcoin enters the state\u2019s custody.\u201d<\/p><\/blockquote>\n The legislation would grant the Missouri state treasurer the authority to invest, purchase and hold Bitcoin using state funds.<\/p>\n The proposed effective date for HB 1217 is set for Aug. 28 and is subject to change based on further discussions. The second hearing for the bill was not scheduled at the time of writing.<\/p>\n Check out Cointelegraph\u2019s analysis to learn more about Bitcoin reserves and sovereign wealth funds in the US<\/a>.<\/p>\n Related: <\/strong><\/em>US Senator Hagerty introduces \u2018GENIUS\u2019 stablecoin bill<\/strong><\/em><\/a><\/p>\n Missouri\u2019s bill follows a similar initiative in Utah<\/a>, where House Bill 230 advanced through the House on Feb. 6 and is now heading to the Senate.<\/p>\n <\/template><\/p>\n Utah Representative Jordan Teuscher introduced the bill on Jan. 21. The bill proposed to give the state\u2019s treasurer authority to allocate up to 5% of certain public funds to buy \u201cqualifying digital assets,\u201d such as BTC, high-cap crypto assets and stablecoins.<\/p>\n As of Feb. 7, 16 of the 50 US states have begun<\/a> discussions on establishing Bitcoin strategic reserves, according to data from bitcoinlaws.io.<\/p>\n US states pursuing legislation for Bitcoin strategic reserves. Source: bitcoinlaws.io<\/em><\/p>\n<\/figcaption><\/figure>\n Utah has made the most progress, standing just two steps away from the bill\u2019s enactment. Other states considering similar legislation include Arizona<\/a>, Kentucky, New Hampshire, North Dakota<\/a>, Wyoming<\/a> and South Dakota, among others.<\/p>\n Magazine: <\/strong><\/em>Trump\u2019s crypto ventures raise conflict of interest, insider trading questions<\/strong><\/em><\/a><\/p>\n<\/picture><\/div>\n
Bitcoins Bitcoin hodl strategy for Missouri<\/h2>\n
Bitcoins Authority to invest in Bitcoin using state funds<\/h2>\n