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Montana is the latest state in the US to see a bill being rejected that aimed to invest public funds in Bitcoin.
The House of Representatives in Montana voted 41-59 against the proposal which was known as ‘House Bill 429.’ If it had passed, the aim was to authorize up to $50 million to be invested into ‘digital assets with a market cap of over $750 billion averaged over the previous calendar year.’
This comes after it appeared to gain some momentum when first introduced, with it passing the Montana House Business and Labor Committee with a 12-8 vote before being thwarted.
The proposed plan was brought in by Republican Representative Curtis Schomer who recently posted on X to thank an account for “trusting Senator Lammers and myself to represent this amazing bill!!!”
🚨 MONTANA Update:
Bitcoin Reserve bill HB 429 failed to pass a second reading in the Montana House. It is now effectively dead.
The vote was 41 – 59. It was largely partisan, but many Republicans voted against the bill.
ANALYSIS:
HB 429 failed in the House, largely due to… pic.twitter.com/AJK8sPrf1N
— Bitcoin Laws (@Bitcoin_Laws) February 22, 2025
According to online analysis from Bitcoin Laws on X, critics objected to using General Fund money as they called it “speculation with taxpayer dollars.” There were a number of arguments included during the vote.
It’s not the first state to attempt to bring in a Bitcoin reserve, as North Dakota, Wyoming, and Pennsylvania have all seen proposals rejected too.
What states have passed a Bitcoin reserve bill?
That’s not the case for all though, as the Bitcoin Reserve Monitor tracker suggests 19 states are currently pending proposals. While four have been rejected, two states are highlighted as ‘considering’ a plan.
Our team was on the ground at the Montana House working to advance ‘Strategic Bitcoin Reserve’ policy alongside Rep. @SchomerC87591 and Senator Zolnikov. pic.twitter.com/hj9KMeWdV8
— Satoshi Action Fund (@SatoshiActFund) February 20, 2025
These include Utah and Arizona, with the former described as leading the Bitcoin reserve race. At the beginning of February, the Utah House of Representatives saw 38 votes in favor (34 against and three not voting) of the House Bill 230.
Titled the ‘Blockchain and Digital Innovation Amendments,’ the bill will now be brought before the Senate, where it will face another vote before its future can be determined.
Utah State Representative Jordan Teuscher said on X: “Thrilled to join with
A bill in Arizona is also waiting on its next vote, but a House one after it passed the Senate Finance Committee on January 27.
Featured Image: Via Jaix Chaix on Flickr/Wikimedia Commons
