Missouri Joins U.S. State-Level Bitcoin Push with Proposed Strategic Reserve Fund

Last updated on February 9th, 2025 at 06:32 am

Missouri has joined the growing number of U.S. states exploring Bitcoin-based financial strategies.

On February 6, 2025, Ben Keathley, a member of the State’s House of Representatives, introduced a new bill to establish a Bitcoin Strategic Reserve Fund as part of the state’s investment strategy.

The bill, titled House Bill 1217, proposes granting the state treasurer authority to acquire, invest in, and manage Bitcoin under specific conditions. Also, it mandates that state agencies accept Bitcoin for approved transactions, including taxes, fees, and fines, as determined by the Department of Revenue. However, individuals making such payments would be responsible for covering transaction fees.

The bill also outlines a holding strategy for the digital asset. It requires the State’s treasurer to keep all Bitcoin in the State-managed fund for at least five years from the time it comes into the state’s possession. The proposed fund could also receive Bitcoin through donations from Missouri residents and governmental entities.

Keathley claimed the move would help diversify Missouri’s portfolio to hedge against fiat currency inflation.

Today I filed HB 1217 which would authorize Missouri to hold and accept Bitcoin for state payments. This will help diversify our state’s portfolio while hedging against inflation. #moleg https://t.co/tokLpGlWMJ

— Rep. Ben Keathley (@benKeath) February 7, 2025

HB 1217 is slated to take effect on August 28, though this date may change as the bill moves through the legislative process. A second hearing is yet to be scheduled.

The push for state-level Bitcoin reserves has gained momentum since Donald Trump’s return to the White House. In January alone, at least six states introduced similar bills, including Texas, where Senator Charles Schwertner’s SB 778 seeks to position the state as a leader in economic innovation.

Missouri’s initiative mirrors another one in Illinois. On January 31, 2025, Representative John Cabello introduced House Bill 1844, which proposes the creation of a Strategic Bitcoin Reserve Fund. Under this proposal, the Illinois State Treasurer would manage Bitcoin holdings, ensuring they remain untouched for at least five years.

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.