Nikolas Sargeant
Missouri Representative Ben Keathley has introduced House Bill 1217, aiming to establish a Bitcoin Strategic Reserve Fund to diversify the state’s investment portfolio. The bill, filed on February 6, would allow Missouri to invest in Bitcoin as a hedge against inflation. If passed, the legislation would grant the state treasurer the authority to receive, invest, and hold Bitcoin under certain circumstances, marking a significant step toward incorporating digital assets into state finances.
Today I filed HB 1217 which would authorize Missouri to hold and accept Bitcoin for state payments. This will help diversify our state’s portfolio while hedging against inflation. #moleg https://t.co/tokLpGlWMJ
— Rep. Ben Keathley (@benKeath) February 7, 2025
The proposed Bitcoin reserve fund would be overseen by the Missouri state treasurer and could also collect Bitcoin via donations from government entities and residents. Additionally, the bill mandates that all state government entities accept cryptocurrency for payments such as taxes, fees, and fines, with payees responsible for covering transaction fees. This move aligns Missouri with the growing trend of states looking to embrace cryptocurrencies for practical applications.
The bill's introduction comes as part of Missouri’s broader efforts to explore alternative investment strategies and integrate digital currencies into its financial system. If signed into law, the Bitcoin Strategic Reserve Fund would be one of the first of its kind in the U.S., with Missouri joining a list of states exploring similar initiatives. The proposed effective date for HB 1217 is August 28, but it remains subject to further discussions.
Missouri's bill follows a similar initiative in Utah, which is also advancing legislation to allocate state funds toward Bitcoin and other digital assets. According to Bitcoin Laws, as of February 7, 17 U.S. states are in discussions about establishing Bitcoin reserves, with states like Arizona, Kentucky, and Illinois also considering similar legislation.
