Missouri lawmakers have advanced a bill that would allow the state treasurer to establish a strategic Bitcoin reserve using public funds. House Bill 2080, introduced by Representative Ben Keathley, was referred to the House Commerce Committee for review on February 19. The proposal would permit the treasurer to invest in and hold cryptocurrency for up to five years and also allow certain government entities to accept crypto payments for taxes and fees.
Lawmakers in Missouri have sent a revived Bitcoin strategic reserve bill to the House Commerce Committee. The legislation will undergo a public hearing and committee vote before potentially returning to the House for a final vote.
Representative Ben Keathley introduced House Bill 2080 in January. According to the bill’s summary, it proposes allowing the state treasurer to invest public funds in cryptocurrency.
The treasurer could accept gifts and grants from residents or state entities to fund the reserve. That official is authorized to store the Bitcoin (BTC) for a five-year period before it can be sold or converted.
Transactions involving foreign countries or entities outside Missouri are prohibited under the bill. Another section would let government bodies accept cryptocurrency for payments like taxes and fines, pending approval from the Department of Revenue.
Asset manager VanEck speculated last year that state-level Bitcoin reserves could drive over $23 billion in demand if adopted. The proposed legislation has an effective date of August 28, though a public hearing date is not yet set.
If the House passes the bill, it moves to the Senate for further debate and a vote. It would then go to Missouri Governor Mike Kehoe for final approval or veto.
Keathley introduced a similar bill, House Bill 1217, in February of last year. That bill did not receive a committee vote to advance after a public hearing.
