Missouri lawmakers push bill to integrate Bitcoin into state reserves

The US state of Missouri has introduced a second Bitcoin strategic reserve bill that aims to bring the flagship cryptocurrency into its investment playbook.

House Bill 1217 proposes the creation of a state-managed Bitcoin fund by allowing the state treasurer to invest in and hold BTC as a hedge against inflation. 

The bill was introduced by Representative Ben Keathley on February 7 and will “authorize Missouri to hold and accept Bitcoin for state payments,” the lawmaker wrote in a recent X post.

What is House Bill 1217?

The main goal of the proposed bill is to integrate Bitcoin into Missouri’s financial system, allowing the state to hold BTC as part of its investment strategy.

If passed, it would establish a Bitcoin Strategic Reserve Fund, managed by the state treasurer, to buy, store, and accept BTC under specific conditions.

One key provision of the bill is that Missouri’s government agencies would be required to accept Bitcoin for various payments, including taxes, fees, fines, and other state-related charges.

However, those paying in BTC would be required to cover the transaction fees incurred.

HB 1217 also outlines a long-term holding strategy, mandating that any Bitcoin collected by the state must be held for at least five years before it can be moved or sold.

Further, it allows Missouri residents and governmental entities to donate Bitcoin to the state’s reserve fund, thereby creating an additional channel for BTC to flow into state reserves.

As the sole overseer, the state treasurer will hold the power to invest, purchase, and manage Bitcoin using public funds. 

As of now, the proposed law is set to take effect on August 28, though that timeline could shift depending on legislative discussions. A second hearing for the bill has yet to be scheduled.

Just a week before HB 1217 was introduced, Missouri State Senator Travis Fitzwater rolled out Senate Bill 614. It proposes allowing the State Treasurer to allocate up to 10% of public funds into Bitcoin. 

Unlike HB 1217, which mandates that government agencies accept Bitcoin for various payments, SB 614 doesn’t include such a requirement.

Additionally, it seeks to protect individual rights to Bitcoin self-custody and supports mining activities within the state.

Other Bitcoin reserve initiatives

Similar initiatives have popped up across various levels in other US states, with Utah leading the charge.

On February 6, Utah’s House Bill 230 successfully advanced through the state House and is now headed to the Senate.

The bill, introduced by Representative Jordan Teuscher, would allow the state treasurer to allocate up to 5% of certain public funds into Bitcoin, high-cap digital assets, and stablecoins.

On the same day, Invezz reported that the Strategic Bitcoin Reserve Act was introduced in New Mexico.

Meanwhile, in late January 2025, Arizona and Illinois moved ahead with discussions around their respective bills.

At least 17 US states have either proposed or are actively discussing Bitcoin reserve policies.

Kentucky, New Hampshire, North Dakota, Wyoming, and South Dakota are among the states exploring similar legislation.

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