Illinois has joined the cryptocurrency craze, with State Representative John Cabello introducing a bill to create a strategic Bitcoin reserve. This brilliant idea aims to harness the power of the world’s first cryptocurrency as a financial wonder-tool.
House Bill 1844 (HB1844) proposes the establishment of a special fund in the state treasury to hold Bitcoin as a precious financial asset. But wait, there’s more! The bill suggests a minimum five-year Bitcoin holding strategy once the fund is created. Just imagine, Illinois will be hodling for a solid 5 years!
“The State Treasurer shall hold all Bitcoin deposited into the Fund for a duration of at least 5 years from the date that the Bitcoin enters the State’s custody.”
After this marathon hodl, the state treasury can work its magic by transferring, selling, appropriating, or converting the Bitcoin into another cryptocurrency. The bill is currently in the Rules Committee, where the final regulatory details will be ironed out before winning the approval of lawmakers.
Just one day before, Arizona’s Senate advanced its Bitcoin reserve legislation, which opens the door for public funds and pensions to invest in Bitcoin. It seems that the US is diving headfirst into the crypto pool!
Bitcoin Reserves: A State-by-State Revolution in TradFi Integration
Illinois’ Bitcoin Act is a “step in the right direction” for Bitcoin adoption in the US, according to Mouloukou Sanoh, co-founder and CEO of MANSA, a decentralized payment network. Sanoh told CryptoMoon:
“The decision to accept Bitcoin as a reserve asset is a bold step toward integrating cryptocurrency into traditional finance, positioning the state as a leader in blockchain innovation.”
However, Sanoh predicts that nationwide approval will be a slow and steady race, depending on regulatory clarity and market stability. For now, a state-by-state approach seems like the name of the game. After all, why fix something that ain’t broke?
Meanwhile, Texas Lieutenant Governor Dan Patrick announced the state’s 2025 legislative priorities, which include a proposal to establish a Texas Bitcoin Reserve. With two public officials introducing legislation to create a Bitcoin reserve in the Lone Star State, who knows what the future holds?
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2025-01-30 11:33