Georgia State Democrats Introduce Bitcoin Reserve Bill, Countering SB 178

Georgia state introduced a Bitcoin reserve bill from democrats, opposite SB 178. The new SB 228 amends Section 3 of Chapter 17 of Title 50 removes some investment restrictions and expands the state's Bitcoin accumulation options.

Georgia state recently saw two Bitcoin reserve bills introduced by opposing parties, with Democrats introducing SB 228 to amend Chapter 17 of Title 50, expanding the state's Bitcoin accumulation options.

More Details on SB 228

As states continue to explore their own Bitcoin reserve bills, especially with the new administration and its initiatives, we might see competing bills emerging.

First, Republicans and Sen. Greg Dolezal in Georgia introduced their Bitcoin reserve bill, SB 178.

Then, just 10 days later, Democrats introduced their SB 228, with four Senators including Sen. Esteves, and it now awaits review at the Georgia General Assembly.

Both of these bills have the same goal and are very similar overall, but they take slightly different approaches. SB 228 amends Section 3 of Chapter 17 of Title 57 of the state code relating to state depositories.

The first bill comes with an investment cap of 5%, while the second bill has no investment limit for the state treasury. Additionally, the second bill proposes that the State Depository Committee be authorized to allow the State Treasury Department to invest in Bitcoin. It also requires the Georgia State Treasury to create specific policies for accepting, storing, and transacting Bitcoin.

Overall, the adoption of Bitcoin reserve states continues, and even half a year ago there were just a few states, but now almost 20 out of 50 states are pending their Bitcoin reserve bills.

Concluding Thoughts

Bitcoin adoption seems to be continuing strongly, no matter the market fluctuations or the speed at which it is being adapted nationwide.

It will be interesting to see if most states adopt their reserves before the nationwide Bitcoin reserve is adopted, making the US a Bitcoin nation in a decentralized way.

Let’s wait for the audit results and stay tuned for updates on the rapidly evolving regulations and crypto landscape.

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