Georgia Introduces Uncapped Bitcoin Reserve Bill, Montana Blocks Proposal

The U.S. state of Georgia has introduced a second Bitcoin reserve bill (SB 228), allowing the state to invest in Bitcoin without setting any investment limits.

Georgia Introduces Uncapped Bitcoin Reserve Bill (SB 228)

The U.S. state of Georgia has introduced a second Bitcoin reserve bill (SB 228), allowing the state to invest in Bitcoin without setting any investment limits.

This bill follows a previous proposal intended to enable the state treasurer to make investments in Bitcoin, and this new bill seeks to establish a structure for how these investments will be managed.

Bitcoin bill aims to have Georgia add cryptocurrency to state financial portfolio

ATLANTA (AP) — A bill that would allow Georgia to add Bitcoin to its financial portfolio has been introduced in the state Senate. Republican Sen. Jason Anavitarte of Dallas filed the bill Monday, following through on a pledge he made last year to legalize cryptocurrency investments.

The bill would allow the state treasurer, currently Republican Lynn Fitch, to invest state funds in Bitcoin and set up rules for how the digital currency would be bought, sold, transferred, secured and audited. It would also allow the treasurer to borrow money to make the Bitcoin investments.

This bill differs from another Bitcoin reserve bill (SB 178) that was introduced in the Georgia Senate earlier this month. While both bills aim to add Bitcoin to the state’s financial portfolio, SB 228 is notably uncapped. This means that the state treasurer would be able to invest any amount of state funds in Bitcoin, as opposed to being limited to a specific percentage or amount.

The bill now awaits further discussion and a vote in the relevant committees before proceeding to the full Senate for consideration. If passed by both chambers of the state legislature, the bill would then head to the governor’s desk for final approval.

Bitcoin reserve bill advances in Georgia Senate committee

ATLANTA (AP) — A bill that would allow Georgia to add Bitcoin to its financial portfolio has advanced in a state Senate committee. Republican Sen. Jason Anavitarte of Dallas presented the bill to the Senate Banking and Financial Institutions Committee on Tuesday morning.

After about an hour of discussion, the committee voted 6-2 to advance the bill to the full Senate for more debate. A companion bill in the House has not yet been heard in committee.

This development comes amid a wave of proposals in state legislatures across the United States, aiming to integrate Bitcoin into their respective financial systems. These efforts follow a bill introduced in the Wyoming legislature last year, which ultimately failed to pass.

Now, states such as Georgia, Montana, and others are presenting new bills in their respective legislatures this session. These proposals vary in terms of the permitted digital assets, the authorized entities, and the allocated funds, among other aspects.

As these bills continue to be debated and voted on in the coming weeks, it remains to be seen how many states will ultimately succeed in establishing Bitcoin reserves within their state financial portfolios.