Missouri Lawmaker Proposes State Bitcoin Reserve Fund

Missouri State Representative Ben Keathley has introduced House Bill 1217, which proposes the creation of a Bitcoin Strategic Reserve Fund to diversify the state's investment portfolio. The bill, filed on February 6, would allow the state treasurer to receive, invest, and hold Bitcoin under specific conditions.

The proposed legislation would require all Missouri government entities to accept cryptocurrency for approved payments, including taxes, fees, and fines. Under the bill's provisions, those making payments would need to cover any associated transaction fees. The Department of Revenue would determine which types of payments qualify for cryptocurrency acceptance.

The bill outlines a long-term storage strategy, requiring the state treasurer to hold any Bitcoin received for a minimum of five years from the date it enters state custody. The fund would also be able to accept Bitcoin through gifts and donations from both government entities and Missouri residents.

Missouri's initiative joins a broader movement across the United States, with 17 states currently discussing the establishment of Bitcoin strategic reserves. Utah has made significant progress with its own legislation, House Bill 230, which passed the House on February 6 and now awaits Senate consideration.

The Utah proposal would permit the state treasurer to allocate up to 5% of certain public funds toward qualifying digital assets, including Bitcoin, major cryptocurrencies, and stablecoins. Other states exploring similar legislation include Arizona, Kentucky, New Hampshire, North Dakota, Wyoming, and South Dakota.

Missouri's House Bill 1217 proposes an effective date of August 28, though this timeline may change as discussions continue. At the time of reporting, the second hearing for the bill has not been scheduled.