US lawmakers in Missouri advanced a revived Bitcoin strategic reserve bill last week, sending it to the House Commerce Committee as part of the next step in the legislative process.
House Bill 2080 was referred to the House Commerce Committee on Feb. 19 for review, where it will undergo a public hearing, a committee vote and potentially receive recommendations for changes before returning to the House for debate and a final vote to pass it through the chamber.
Missouri treasurer can store BTC for 5 years
Missouri Representative Ben Keathley introduced House Bill 2080 in January, which proposes allowing the state treasurer to “invest, purchase, and hold cryptocurrency using state funds,” according to the legislation’s summary.
The state treasurer can accept gifts, grants and donations from Missouri residents or government entities to help fund the reserve.
The treasurer is also authorized to store the Bitcoin (BTC) for five years, after which it can be transferred, sold, or converted into another token. Transactions involving foreign countries or entities outside of Missouri are prohibited.
Another part of the bill proposes allowing government entities to accept crypto approved by the Department of Revenue for citizens to pay taxes, fees, fines, or other expenses owed.
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Asset manager VanEck speculated last year that strategic Bitcoin reserves in American states could drive more than $23 billion in demand if adopted.
Source: MartyPartyA date for the public hearing hasn’t been set yet; however, the legislation has a proposed effective date of Aug. 28, according to the Missouri House of Representatives.
If 2080 passes through the House, it will be sent to the Senate for reading, committee review, floor debate and a vote. After the Senate, the bill goes to Missouri Governor Mike Kehoe’s desk for signature or veto.
A similar bill died in the committee stage
Keathley introduced a similar bill, House Bill 1217, in February last year; however, it failed to advance past the committee stage and was ultimately abandoned.
House Bill 1217 was referred to the House Special Committee on Intergovernmental Affairs, which held a public hearing last March, but it didn’t receive a committee vote to move forward to the House for debate and a vote.
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Source: https://cointelegraph.com/news/missouri-bitcoin-strategic-reserve-hb2080-advance?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
