Missouri lawmakers advanced a proposal to create a state Bitcoin strategic reserve after House Bill 2080 moved to the House Commerce Committee this week. The bill would place a new Bitcoin Strategic Reserve Fund inside the state treasury and name the state treasurer as custodian. Lawmakers framed the move as a way to set rules for holding digital assets under state oversight.
The measure allows the treasurer to receive bitcoin through gifts, grants, donations, bequests, or devises from eligible Missouri residents and governmental entities. However, the bill bars transactions tied to foreign countries, parties outside Missouri, or parties linked to illegal activity. Therefore, the language aims to limit counterparties and narrow exposure.
Supporters said the proposal sets a formal process for custody and security. The bill permits the treasurer to contract third-party crypto service providers to support storage and protection. Meanwhile, opponents raised concerns about volatility and governance. The committee took testimony and left the bill pending for further review.
Holding Rules, Reporting, and Payment Provisions
Under the proposal, Bitcoin placed in the reserve would face a five-year holding window. After that period, the treasurer could transfer, sell, appropriate, or convert the asset to another cryptocurrency, as defined in the bill. As a result, the fund would not operate as a short-term trading account.
The bill also sets reporting duties. The treasurer would publish a biennial report by Dec. 31 in even-numbered years and post it to the office website. In addition, the treasurer would notify the General Assembly after publication. Lawmakers said the reporting requirement aims to keep the legislature informed about holdings and activity.
Beyond the reserve, the bill outlines broader crypto payment language. It would allow governmental entities to accept approved cryptocurrencies for taxes, fees, fines, and other payments, while permitting service fees tied to processing.
Moreover, the bill authorizes the treasurer to invest, purchase, and hold cryptocurrency with state funds under defined limits. The proposal mirrors elements of a prior Missouri bill that did not pass, and it now faces committee scrutiny before any floor vote.
Source: https://coinpaper.com/14829/missouri-pushes-bitcoin-reserve-bill-forward-as-commerce-committee-takes-up-hb-2080
