Key Points:
- Illinois House introduces the Strategic Bitcoin Reserve Act (HB1844), proposing a state-managed Bitcoin reserve under the control of the Illinois State Treasurer.
- The bill allows for Bitcoin donations from residents and government entities, stipulating that Bitcoin must be held for at least five years before being sold or converted.
A new bill introduced in the Illinois House aims to create the state’s first Strategic Bitcoin Reserve, marking a significant move to incorporate digital assets into state financial strategies.
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Illinois Proposes Bill to Create Strategic Bitcoin Reserve
The Strategic Bitcoin Reserve Act (HB1844), filed by Rep. John M. Cabello, seeks to establish a state-managed Bitcoin reserve as a financial asset under the control of the Illinois State Treasurer.
Under the proposed legislation, the State Treasurer would be tasked with securing, storing, and overseeing the Bitcoin holdings. The bill also allows the Treasurer to accept donations of Bitcoin from Illinois residents or governmental entities for deposit into the fund.
However, any Bitcoin deposited would be required to be held for at least five years before being sold, transferred, or converted into another cryptocurrency.
Illinois Takes Bold Step Toward Cryptocurrency Integration
The bill represents Illinois’ first formal step toward integrating cryptocurrency into its financial policy. If passed, it would place Illinois among the growing number of governments globally exploring Bitcoin reserves as a means of diversifying financial assets.
The proposal arrived shortly after former President Donald Trump signed an executive order focused on developing a national digital asset stockpile. While Trump’s order addressed the inclusion of various cryptocurrencies, including stablecoins, it did not specifically mention the establishment of a strategic Bitcoin reserve.
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