The House and Labour Committee in Montana has passed a bill that will make Bitcoin and some other assets become reserve assets after a Bitcoin reserve bill was proposed at the subcommittee level.
The bill, House Bill No. 429 was proposed yesterday in a 12-8 vote, asking Montana only the fourth state in the country to advance its reserve bill. All Democrats were in favor of the bill, with Republicans showing their displeasure by voting against it.
Bitcoin meets Montana reserve bill requirements
Once the bill passes the subcommittee level, it will move to the House in Montana, with the only states able to get to this stage Utah, Oklahoma, and Arizona. If the bill is passed, it will enable investments in precious metals, crypto, and stablecoins. However, any chosen digital asset must have a market cap of over $750 billion in the last year. This condition puts only Bitcoin in the running for the reserve.
Other digital assets are expected to make the list, with a market rally ignited by Donald Trump predicted. As it stands, Ethereum could be the next asset that would enter the fund. While its market cap is close to $350 billion, it will have to double to be eligible for the bill. The bill was also amended to remove a clause that required only an eligible custodian or exchange-traded funds firm to be in charge of the asset.
Several other US states, including Illinois, Kentucky, Utah, Maryland, New Hampshire, New Mexico, North Dakota, Ohio, Pennsylvania, South Dakota, and Texas are also pushing for a Bitcoin strategic reserve through the introduction of their bills. Utah, however, leads the pack and has made the most regulatory progress. Its Bitcoin reserve bill is the only bill of its kind to pass through the House.