Illinois Proposes Bitcoin Reserve Bill with Five-Year Holding Requirement
US states are increasingly considering Bitcoin reserves as a financial asset. Following Utah's announcement, Illinois has introduced House Bill 1844 (HB1844) to establish its own strategic Bitcoin reserve.
- The bill proposes a special fund within the state treasury for Bitcoin.
- Illinois Treasury will hold Bitcoin for a minimum of five years.
- Post five-year period, the treasury can transfer, sell, or convert the Bitcoin.
- The bill is currently with the Rules Committee awaiting approval.
- This initiative follows Arizona's recent advancement of similar legislation allowing public funds and pensions to invest in Bitcoin.
Broader Trends in Bitcoin Reserves
- After Donald Trump's election, there is optimism for changes in US crypto policy favoring Bitcoin.
- Trump signed an executive order for a digital asset stockpile, stirring debate between XRP and Bitcoin communities regarding inclusion in US reserves.
- Czech National Bank proposed allocating 5% of its €140 billion reserves to Bitcoin.
- Wyoming Senator Cynthia Lummis advocates acquiring 200,000 BTC over five years to strengthen the US dollar as the world’s reserve currency.