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Georgia Introduces Second Bitcoin Reserve Bill, Allows Unrestricted Investment
Georgia has introduced its second Bitcoin reserve bill, which, if passed, would permit the state treasurer to invest in Bitcoin without any limits. Introduced just 10 days after the first bill’s submission, Senate Bill 228 (SB 228) aims to allow the state treasury to invest in Bitcoin freely, without any investment restrictions.
Key Provisions of the Bill
The bill requires the Georgia State Treasury Department to develop its own policies and procedures for the “acceptance, storage, and transacting of Bitcoin.” Additionally, it stipulates that Bitcoin investments by the state treasury will be held in accordance with local policies and requirements.
A key difference between SB 228 and the first bill, SB 178, is the presence of an investment limit. While SB 178 comes with an investment cap of 5%, SB 228 has no investment limit for the state treasury.
Partisan Competitor
SB 228 is considered a “partisan” competitor, as it was introduced by Republican sponsors, while the first bill has Republican sponsors as well. The bill was proposed by four state senators, including Senator Esteves, and is currently awaiting review.
US States Mulling Over Cryptocurrency Strategic Reserves
According to the Bitcoin Reserve Monitor, at least 21 US states are considering cryptocurrency strategic reserves. Each state is at different stages of legislation approval, with 19 state legislations still pending, two still considering proposals, and four having been rejected. Wyoming, Montana, North Dakota, and Pennsylvania are the four states that have rejected proposals for Bitcoin reserve bills.
While no strategic Bitcoin reserve bills have been passed yet, Satoshi Act Fund CEO Dennis Porter predicted that Utah would become the first state in America to pass a strategic Bitcoin reserve bill.
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