Missouri Advances Bitcoin Reserve Bill to House Commerce Committee

TLDR

• Missouri’s House Bill 2080 has been sent to the House Commerce Committee for review after being introduced by Rep. Ben Keathley
• The bill would let the state treasurer invest, purchase, and hold Bitcoin using state funds, gifts, and donations
• The treasurer can hold Bitcoin for up to five years before selling, transferring, or converting it
• A similar Missouri bill was introduced in 2024 but never made it past committee
• Missouri joins Arizona, South Dakota, Kansas, Utah, Pennsylvania, and Texas in exploring state Bitcoin reserves

Missouri lawmakers have moved House Bill 2080 to the House Commerce Committee after it was referred on February 19. The bill was introduced in January by Representative Ben Keathley.

The legislation would allow Missouri’s state treasurer to invest, purchase, and hold Bitcoin using state funds. The treasurer could also accept gifts, grants, and donations from Missouri residents or government entities to build the reserve.

Under the bill, the treasurer is allowed to hold Bitcoin for up to five years. After that period, the Bitcoin can be sold, transferred, or converted into another token.

The bill also includes a provision for tax payments. It would allow government entities to accept cryptocurrencies approved by the Department of Revenue for taxes, fees, fines, and other expenses.

Transactions involving foreign countries or entities outside of Missouri would be banned under the proposal. The bill has a proposed effective date of August 28.

A public hearing date has not been set yet. After the committee stage, the bill would return to the full House for debate and a final vote.

A Previous Bill Failed to Move Forward

Keathley introduced a nearly identical bill, House Bill 1217, in February 2024. That bill was referred to the House Special Committee on Intergovernmental Affairs and received a public hearing in March 2024.

However, it never received a committee vote and was eventually dropped. House Bill 2080 is the second attempt to get this type of legislation passed in Missouri.

If the new bill clears the House, it moves to the Senate for its own review process. From there, it goes to Governor Mike Kehoe for a signature or veto.

Missouri Is Not Alone

Several other U.S. states are pursuing similar legislation. Arizona lawmakers recently advanced a bill to hold Bitcoin and XRP in reserve, using seized crypto assets to fund it.

South Dakota introduced a bill in late January that would dedicate 10% of state funds to buy Bitcoin. Kansas, Utah, and Pennsylvania are also advancing their own proposals.

Texas was the first U.S. state to act, purchasing around $20 million worth of Bitcoin last November. Asset manager VanEck estimated last year that if enough states adopt Bitcoin reserves, total demand could exceed $23 billion.

Missouri’s bill now waits for a scheduled public hearing before the House Commerce Committee.

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