Illinois advances Bitcoin strategic reserve bill, proposing to hold for at least 5 years

2025-01-30 16:42:42

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ChainCatcher news, according to Cointelegraph, Illinois has become the latest state in the U.S. to advance a Bitcoin strategic reserve bill. The HB1844 bill, proposed by state representative John Cabello, suggests the creation of a "Bitcoin Strategic Reserve Fund" as a special fund of the state treasury for holding Bitcoin as a financial asset.

According to the bill, the state treasury must hold Bitcoin for at least 5 years, after which it may choose to transfer, sell, or convert it into other cryptocurrencies. The bill was submitted to the rules committee on January 29, awaiting further regulatory details and legislative approval. Notably, Illinois's move follows the Arizona Senate's advancement of Bitcoin reserve legislation, which seeks to allow public funds and pensions to invest in Bitcoin.

MANSA co-founder and CEO Mouloukou Sanoh stated that this move is an important step for the adoption of Bitcoin in the U.S. and may encourage more states to follow suit, but nationwide approval will still require time and regulatory clarity. Additionally, Texas has also included Bitcoin reserves in its legislative priorities for 2025.

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Illinois Bitcoin Strategic Reserve Act

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