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On February 19, Montana’s House Business and Labor Committee advanced House Bill 429. It has passed the committee stage, and now moved onto a House floor vote.
The House Bill no. 429 passed with a 12 to 8 vote, with Republicans in favor and all Democrats voting against it.
The bill would allow the state of Montana to invest in stablecoins and digital assets with an average market cap above $750 billion. Currently, only Bitcoin, valued at $97,090 at press time, meets that threshold.
House Bill 429 removes earlier requirements that the funds be held by a qualified custodian or through an exchange-traded fund. If approved, the bill will take effect on 1 July and allow the state’s treasurer to allocate up to $50 million to a special account. This amount will be used to invest in metals, stablecoins, and digital assets by July 15.
Similar bills have been introduced in Utah, Arizona, Oklahoma, Illinois, Kentucky, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas. However, not all state BTC reserve bills have advanced to a similar stage. Among these, Utah is in the lead, while Arizona and Oklahoma are just behind it.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Noor Bazmi
Noor Bazmi contributes to Cryptopolitan news team equipped with a Media Studies degree. Noor covers news on blockchain, cryptocurrency, artificial intelligence, Big Tech, EV markets, global economics, and government policy shifts. She is taking studies in marketing to connect with global audiences.
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