Illinois is making a notable move to incorporate cryptocurrency into its financial system with the introduction of House Bill 1844 (HB1844). Proposed by State Representative John Cabello, the bill aims to set up a state-managed Bitcoin reserve that would act as a special fund within the state treasury.
A key aspect of HB1844 is the requirement for a five-year holding period for any Bitcoin placed into the fund. The bill stipulates that the State Treasurer must maintain custody of the Bitcoin for at least five years. Only after this duration can the state treasury transfer, sell, or convert the Bitcoin into another cryptocurrency.
The bill has been sent to the Rules Committee on January 29 for further regulatory assessment before it can be put forward for full legislative approval. This initiative follows similar legislative movements in other states, such as Arizona, where the Senate has progressed a bill permitting public funds and pensions to invest in Bitcoin.
Proponents of the bill believe that Illinois’ proposed Bitcoin reserve is in line with broader financial innovation trends and could position the state as a leader in blockchain technology. However, the advancement of such legislation may differ across the country, largely influenced by regulatory clarity and market conditions.
In addition to Illinois, Texas is also exploring similar legislation. The Texas Lieutenant Governor announced on January 29 that establishing a Bitcoin reserve is one of the state’s legislative priorities for 2025. Two public officials in Texas have already put forward proposals to create a Bitcoin reserve in the state.
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