Key Points
- A second Bitcoin reserve bill has been proposed in Georgia, allowing unrestricted Bitcoin investments for the state treasury.
- The bill, Senate Bill 228, is a partisan competitor to the initial Bitcoin reserve bill, Senate Bill 178.
A fresh reserve bill for Bitcoin (BTC) has been proposed in Georgia. The bill, called Senate Bill 228, would permit the state treasurer to invest freely in Bitcoin.
Senate Bill 228 also mandates the Georgia State Treasury Department to establish its own guidelines for the “acceptance, storage, and transacting of Bitcoin.”
Investment Limit Differences
The new bill is seen as a direct competitor to the first Bitcoin reserve bill. The first bill, Senate Bill 178, was proposed by Republicans, while Senate Bill 228 was introduced by Republican sponsors.
A major distinction between the two bills is the investment limit for Bitcoin. Senate Bill 178 imposes a 5% cap on investment, whereas Senate Bill 228 places no such restriction on the state treasury.
Senate Bill 228 was put forward by four state senators, including Senator Esteves, and is currently under review. Senate Bill 178 was introduced on February 14 by State Senator Greg Dolezal and co-sponsored by Senators Brandon Beach and Clint Dixon.
US States Considering Bitcoin Reserves
According to the Bitcoin Reserve Monitor, at least 21 US states are contemplating strategic reserves of cryptocurrency. Each state is at different stages of legislative approval. Nineteen states still have pending legislations, two are considering proposals, and four have rejected them. The states that have rejected Bitcoin reserve bills are Wyoming, Montana, North Dakota, and Pennsylvania.
No strategic Bitcoin reserve bills have been passed yet. However, Dennis Porter, CEO of the Satoshi Act Fund, has predicted that Utah will be the first state in the US to pass a strategic Bitcoin reserve bill.