Montana legislators rejected the Bill of Chamber 429 during the bedroom floor session. The bill would have enabled the State to hold Bitcoin (BTC) as a state asset.
This occurs after the bill progressed through the business and work committee with a vote of 12-8 last week.
Montana Strategic Bitcoin Reserve Bill rejected
Bill 429 of the Chamber also included provisions to invest in precious metals and stabbed. Meanwhile, Bitcoin was the only digital asset that met the market capitalization requirement of $ 750 billion.
The representative Curtis Schomer described it as a “precious bill for the state of the treasury”. He underlined the need to diversify state reserves in the midst of concerns about inflation and federal political changes.
“The dollar is not as strong as we think, and we should not put all our eggs in a single basket,” he said.
Schomer highlighted precious metals as historical coverage against economic uncertainty and digital assets as a modern investment with long -term growth potential. He stressed that digital assets have the potential for exponential yields.
“The Montana will have more control over its economic development and will not be sensitive to federal political disorders,” added Schomer.
He also noted that the bill would help stimulate state economic growth.
However, the bill was rejected during a vote of 41-59. The proposal was faced with a largely partisan split. However, many Republicans have joined the Democrats in opposition.
“HB 429 failed in the House, largely due to the tax conservative opposition,” published Bitcoin laws on X (formerly Twitter).
According to Bitcoin laws, the tax conservatives have been divided on Bitcoin -related legislation. Some maintain that the use of taxpayers’ money for Bitcoin investments is too risky and is equivalent to speculation.
“It is always taxpayer money, and we are responsible for it, and we must protect it,” said Steven Kelly, the state representative.
Meanwhile, supporters replied that calculated risks are necessary to increase state assets, especially in the middle of inflation. They described it as a greater threat to taxpayers. In addition, they designed Bitcoin as a tool to preserve and potentially increase the value of state reserves over time.
Despite an attempt to modify the bill with the interests of the American Rescue Plan Act (ARPA) instead of the general funds, the legislators have questioned the legality of such a decision, more about support.
With the rejection of HB 429, Montana joined Wyoming, Northern Dakota, Mississippi and Pennsylvania, where similar legislation linked to Bitcoin failed. Meanwhile, 20 other states have active proposals under study.
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