Setback for Bitcoin Reserve: Montana State Deputies Overturn Bill 430 Due to “Risky Investment
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- The Bitcoin reserve bill in Montana was defeated in a House vote, ending its potential impact.
- Despite setbacks in Montana, several U.S. states are still advocating for Bitcoin reserve legislation.
The effort to establish a Bitcoin [BTC] reserve across various U.S. states faces challenges, as seen with Montana’s recent legislative struggle against the backdrop of Donald Trump’s call for a national “strategic Bitcoin reserve.”
The state’s Bill 429 sought to create an investment account for precious metals and digital assets but ultimately did not gain sufficient support in the House.
Even as BTC alone met the bill’s stringent $750 billion market cap requirement, it was rejected by a margin of 41 to 59 due largely to opposition from some Republican legislators during deliberations.
Why did lawmakers turn down the proposal?
On February 22, Representative Steven Kelly voiced his concerns before the chamber:
>“It’s still taxpayer money; we bear responsibility and must ensure its protection.”
Additionallly:
“Investing here seems too unpredictable.” p >
An amendment that aimed to finance this legislation through interest accrued from the American Rescue Plan Act was proposed but failed to secure enough backing. p >
A majority of Republicans expressed support (40 votes), while some joined Democrats in opposition (18 votes). span >
Support exists among leaders despite skepticism
Representative Lee Demming maintained that this initiative strives toward better returns for taxpayers.
While addressing colleagues on the House floor ,Demming asserted that managing taxpayer funds obligates them to yield optimal benefits for constituents . p >
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