Montana Boccia HB 429: No To Bitcoin As State Reserve
Montana rejects bill HB 429, which would have allowed the state to hold Bitcoin as a reserve. The vote closes 41-59.
Montana House lawmakers rejected the HB 429 Bitcoin reserve bill during the floor session. Had it been passed, it would have allowed the state to hold Bitcoin (BTC) as a state asset.
The development comes after the bill had been approved by the Labor and Enterprise Committee by a vote of 12-8 last week.
HB 429 on Reserve in Bitcoin Rejected
The HB 429 bill also included investments in stablecoin and precious metals. However, only Bitcoin met the requirement of a $750 billion market capitalisation.
Representative Curtis Schomer introduced the bill, calling it a 'valuable bill for the state treasury'. Schomer stressed the importance of diversifying state reserves in the face of political uncertainty and inflation.
Curtis said:
"The dollar is not strong, we shouldn't put all our eggs in one basket."
However, the bill was defeated by a vote of 41-59. The measure was met with partisan division, with Republicans joining Democrats in opposition.
According to a publication on Bitcoin-related legislation, fiscal conservatives were divided on Bitcoin-related legislation. Many argued that using taxpayers' money to buy Bitcoin was risky and potentially speculative.
In this regard, State Representative Steven Kelly stated:
"It's still taxpayers' money, and we're responsible for it, so we have to protect it."
Supporters of the bill argued that risk is necessary for economic growth, especially in times of high inflation. According to them, inflation poses a greater threat to taxpayers. Proponents described Bitcoin as a tool to maintain and exponentially increase the value of state reserves.
With the rejection of HB 429, Montana joins Mississippi, North Dakota and Pennsylvania, states where similar Bitcoin proposals have been rejected. In addition to these, 20 other states currently have active proposals pending a decision.
Bitcoin 'whales' (1k-10k BTC wallet) resume accumulation. They added 29,600 BTC in 7 days, signalling confidence against retail panic. The price consolidates between $100,000 and $107,000.
Institutional inflows and steady demand offset the dampening effect of tighter monetary policy. Traders now look to the Federal Reserve's signals for direction this week.
Montana House lawmakers rejected the HB 429 Bitcoin reserve bill during the floor session. Had it been passed, it would have allowed the state to hold Bitcoin (BTC) as a state asset.
The development comes after the bill had been approved by the Labor and Enterprise Committee by a vote of 12-8 last week.
HB 429 on Reserve in Bitcoin Rejected
The HB 429 bill also included investments in stablecoin and precious metals. However, only Bitcoin met the requirement of a $750 billion market capitalisation.
Representative Curtis Schomer introduced the bill, calling it a 'valuable bill for the state treasury'. Schomer stressed the importance of diversifying state reserves in the face of political uncertainty and inflation.
Curtis said:
"The dollar is not strong, we shouldn't put all our eggs in one basket."
House Floor Session - Video
He described digital assets as modern investments with long-term potential, while metals represent historical hedges against economic instability.
He added:
Schomer also pointed out that HB 429 would boost Montana's economic growth.
X
However, the bill was defeated by a vote of 41-59. The measure was met with partisan division, with Republicans joining Democrats in opposition.
According to a publication on Bitcoin-related legislation, fiscal conservatives were divided on Bitcoin-related legislation. Many argued that using taxpayers' money to buy Bitcoin was risky and potentially speculative.
In this regard, State Representative Steven Kelly stated:
Supporters of the bill argued that risk is necessary for economic growth, especially in times of high inflation. According to them, inflation poses a greater threat to taxpayers. Proponents described Bitcoin as a tool to maintain and exponentially increase the value of state reserves.
With the rejection of HB 429, Montana joins Mississippi, North Dakota and Pennsylvania, states where similar Bitcoin proposals have been rejected. In addition to these, 20 other states currently have active proposals pending a decision.
Read Next
Bitcoin 'Whales' Return to Attack: Accumulating 29,600 BTC Ignoring the Collapse
Bitcoin 'whales' (1k-10k BTC wallet) resume accumulation. They added 29,600 BTC in 7 days, signalling confidence against retail panic. The price consolidates between $100,000 and $107,000.
Bitcoin (BTC) falls below $100,000, analysts split over possible low
Bitcoin price ready for $160,000 if history repeats itself in November
Bitcoin Withstands High Rates: Fed and Markets in Tension
Institutional inflows and steady demand offset the dampening effect of tighter monetary policy. Traders now look to the Federal Reserve's signals for direction this week.