Key Points
- Missouri is considering a bill to establish a Bitcoin Strategic Reserve Fund.
- The proposed legislation would require all state and local government agencies to accept cryptocurrency for taxes, fees, and fines.
Missouri is following the growing trend of states considering the adoption of Bitcoin by introducing a Bitcoin reserve bill, House Bill 1217.
Missouri Representative Ben Keathley has put forward the bill, which aims to set up a Bitcoin Strategic Reserve Fund. This fund would permit the state treasurer to invest in and hold Bitcoin.
About the Bill
The bill, filed on February 6, views Bitcoin as a hedge against inflation and seeks to diversify the state’s financial assets.
The summary of the bill reveals that it “creates the ‘Bitcoin Strategic Reserve Fund’ and allows the state treasurer to receive, invest, and hold Bitcoin under certain conditions.”
The proposed law would give the Missouri treasurer the power to receive Bitcoin (BTC) through investments, gifts, or donations from government bodies and residents.
The legislation also stipulates that all state and local government agencies must accept cryptocurrency for taxes, fees, and fines, with the payer shouldering transaction costs.
Moreover, any Bitcoin obtained under this law must be held for at least five years.
Bitcoin Adoption Across States
Missouri’s initiative is part of a larger trend among U.S. states exploring the adoption of Bitcoin. For instance, Utah is pushing forward House Bill 230, which would allow its treasurer to invest up to 5% of certain public funds in digital assets.
Currently, at least 16 states are considering similar Bitcoin reserve initiatives, including Ohio, Wyoming, and New Hampshire.
If approved, Missouri’s Bitcoin Strategic Reserve Fund would become effective on August 28, 2025, unless there are further legislative changes.