Montana to advance Bitcoin reserve measure to the House.

Montana has approved a Bitcoin reserve law, which might lead to further cryptocurrency usage. On February 19, the House Business and Labor Committee voted 12-8 to support House Bill No. 429, with Republicans in favor and Democrats opposing. Montana is now the fourth state to have a bill relating to Bitcoin reserves introduced in the House.

The measure authorizes the formation of a separate revenue account for investments in precious metals, stablecoins, and digital assets. To qualify, digital assets must have an average market valuation of more than $750 billion during the preceding calendar year. Currently, Bitcoin is the only crypto that meets this condition.

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If the law passes, the state treasurer will be able to contribute up to $50 million to this special account for investment purposes by mid-July.

Other states, like as Utah, Arizona, and Oklahoma, have proposed similar laws aimed targeting crypto reserves. States like Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas are considering similar initiatives.

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The measure was revised to eliminate the requirement that money be kept by a certified custodian or an ETF.Utah's "Strategic Bitcoin Reserve" bill has passed the House and is moving to the Senate. The bill would allow the state treasurer to allocate up to 5% of certain public funds to buy qualifying digital assets, such as BTC, high-cap crypto assets, and stablecoins. Arizona's Strategic Bitcoin Reserve Act (SB1025) has passed the Senate Finance Committee and is now awaiting a House vote.