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Sujha Sundararajan
Author
Sujha Sundararajan
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Montana’s House Bill No. 429 which proposed the state to establish a Bitcoin reserve, is “now effectively dead.” The legislation did not pass through a second reading in the state’s House of Representatives.
“The vote was 41 – 59. It was largely partisan, but many Republicans voted against the bill,” Bitcoin Laws posted on X.
The bill, which initially had the support of Montana’s House Business and Labor Committee on February 19, failed in the House on February 22, “largely due to fiscal conservative opposition,” the update on X, read.
The bill could have allowed Montana’s entry into the growing list of U.S. states exploring Bitcoin reserves. House Bill No. 429 proposed establishing a special revenue account for investing in precious metals, stablecoins, and digital assets with an average market capitalization exceeding $750 billion over the past year.
As of now, only Utah, Arizona, and Oklahoma have reached the House legislative stage with similar Bitcoin reserve proposals.
State Republicans Against Bitcoin Reserve Bill
According to Legiscan, the largely partisan bill had support from 41 lawmakers, however, 59 Republicans voted against the legislation.
During the state’s House Floor on Saturday, Representative Jane Gillette noted that the intent of the bill was unfortunately not addressed during the presentation.
“I am not comfortable with this bill and I am definitely not voting for it as fiscal conservative. I don’t think the bill clearly articulates enough what that money is going to be spent on.”
Further, Representative Steven Kelly called these types of investments “way too risky.” He said that the House is responsible for taxpayer money, “and we need to protect it.”
Representative Bill Mercer, stressed that he isn’t voting for putting taxpayer money into something “more vulnerable.”
“Taking the hard-earned money from workers across the state and speculating on it is not the right way to go. So, I am gonna be a ‘no’ on this.”
However, other lawmakers including Lee Demming expressed support, noting that the state has to be looking into the bill. The legislation would “maximise” its return on taxpayer money.
Montana’s $50M Bet on Bitcoin
Montana’s Bitcoin reserve bill was introduced by the state Rep. Gayle Lammers and co-sponsored by Rep. Curtis Schomer. The bill noted that $50 million would be allocated by Montana’s state treasurer by mid-July 2025 if approved.
Dennis Porter, CEO of the Satoshi Action Fund, posted on X that the state is now a part of the growing list of US states considering Bitcoin as a reserve asset.
“Our team was on the ground at the Montana House working to advance ‘Strategic Bitcoin Reserve’ policy alongside Rep. Schomer and Senator Zolnikov,” he said on Friday.
