Lawmakers in Missouri have advanced a renewed Bitcoin strategic reserve proposal, moving it forward in the legislative process by referring it to the House Commerce Committee last week.
House Bill 2080 was sent to the committee on Feb. 19 for review. The measure will now face a public hearing, a committee vote and possible amendments before returning to the full chamber for debate and a final vote.
Missouri treasurer could hold Bitcoin for five years
Missouri Representative Ben Keathley introduced House Bill 2080 in January. The proposal would authorize the state treasurer to “invest, purchase, and hold cryptocurrency using state funds,” according to the bill summary.
Under the legislation, the treasurer could also accept gifts, grants and donations from Missouri residents or government entities to support the reserve.
The bill allows the treasurer to hold Bitcoin for up to five years, after which the assets could be transferred, sold or converted into another digital token. Transactions involving foreign governments or entities outside Missouri would be prohibited.
Another provision would permit state agencies to accept cryptocurrencies approved by the Department of Revenue as payment for taxes, fees, fines and other obligations.
Last year, asset manager VanEck estimated that if multiple U.S. states adopted strategic Bitcoin reserves, it could generate more than $23 billion in additional demand for the digital asset.
A date for the public hearing has not yet been scheduled, though the proposed legislation carries an effective date of Aug. 28, according to the Missouri House of Representatives.
If House Bill 2080 clears the House, it will proceed to the Senate for its first and second readings, committee consideration, floor debate and a final vote. Should it pass there, the measure would be sent to Governor Mike Kehoe to either sign into law or veto.
Similar proposal previously stalled
Representative Ben Keathley introduced a comparable measure, House Bill 1217, in February of last year. However, that proposal did not advance beyond the committee stage and was eventually dropped.
House Bill 1217 had been referred to the House Special Committee on Intergovernmental Affairs, which held a public hearing in March, but the bill never received a committee vote to send it to the full House for debate and consideration.
