Missouri’s Push for Cryptocurrency Governance
In a significant move towards incorporating cryptocurrency in state governance, Missouri’s lawmakers are pushing forward a bill that would enable the state treasurer to manage a Bitcoin reserve. Named House Bill 2080, the legislation, introduced by Representative Ben Keathley in the previous month, has now been passed to the House Commerce Committee as of February 19. It is currently awaiting a hearing for further discussion.
Objectives of House Bill 2080
The objective of this proposed law is to create a dedicated “Bitcoin Strategic Reserve Fund”. This fund would mainly be sustained through various contributions from Missouri residents and governmental entities, including gifts, grants, donations, bequests, or devises of Bitcoin. The bill also outlines provisions for the treasurer to utilize state funds for the investment, purchase, and retention of cryptocurrencies.
Management and Security of the Fund
Any Bitcoin received would be securely stored in cold storage for a minimum period of five years following its acquisition by the state. After this holding period, these assets can be transferred, sold, or exchanged for other cryptocurrencies. To ensure effective management and security of the fund, the state treasurer would have the authority to engage a qualified and independent third-party cryptocurrency firm based in the United States. An essential accountability measure included in the bill mandates the publication of a detailed report every two years.
Next Steps for the Bill
Following the committee’s review, if the bill receives approval from a majority in the House chamber, it would then move on to the Senate for further examination and voting. House Bill 2080 is a rekindled effort from the previous year, building on an earlier proposal (House Bill 1217) that struggled to advance beyond the Special Committee on Intergovernmental Affairs.
Potential Impact on State Governance
Should this initiative succeed, Missouri would follow in the footsteps of states like Texas, New Hampshire, and Arizona in establishing state-level frameworks for Bitcoin reserves. Notably, Texas and New Hampshire permit public fund investments directly into cryptocurrencies, while Arizona’s regulations limit reserves to Bitcoin obtained through confiscated assets rather than new taxpayer funding.
