Montana’s Bitcoin Reserve bill fails to clear House of Representatives

The Bitcoin reserve bill in Montana failed to erase the House of Representatives after the legislators voted against it during the last ground session.

Bill 429 of the Chamber, which sought to allow the State to invest in Bitcoin, precious metals and stablecoins, was struck in a 41-59 vote. Legislators have raised concerns concerning the risks of using taxpayers’ money for such investments, finally deciding that potential volatility has counterbalanced possible yields.

Legislation pass Montana business and work committee on February 19 with a vote from 12 to 8 years old.

An amendment to finance the bill with the interests won by the American Rescue Plan Act was also proposed but did not influence the majority.

While most of the Republicans supported the bill, with 40 votes in favor, 18 opposed it. The opposition was mainly motivated by the Democrats, who voted unanimously against the measure.

According to the representative Lee Demming, the bill would have helped the State to obtain better yields on taxpayers’ money. During February 22 House floor sessionHe argued that if the state would keep taxpayers’ money, he had the obligation to guarantee the highest possible return on investment.

“Either that or you give them back,” said Demming, explaining his support for the bill.

The representative of Montana, Steve Fitzpatrick, accepted, adding that the state had an excess funds “at the bank”, which could be invested in assets such as bitcoin, precious metals and stablescoins to generate better yields.

However, the Bill 429 of the opposite chamber, like the representative of the State, Steven Kelly, argued that the bill posed too many risks for taxpayers. Kelly stressed that legislators were responsible for the protection of public funds and that investments in volatile assets like cryptocurrencies were “far too risky” for state money.

Another opponent called him “recklessly to think of taxpayers’ dollars”.

Montana joins Wyoming,, North Dakotaand Pennsylvania as only four American states that have rejected similar bills, according to data Bitcoin Reserve Monitor.

Since February 24, 19, other states have been examining the legislation on the crypto reserve, with Utah And Arizona DIRECT – Both after having advanced their bills to their respective Senate soils for an additional debate.