Illinois has taken a significant step towards integrating crypto into its financial framework with the introduction of House Bill 1844 (HB1844).
One of the key provisions of HB1844 mandates a five-year holding period for any Bitcoin deposited into the fund. According to the bill’s text, the State Treasurer must retain custody of the Bitcoin for a minimum of five years.
Only after this period would the state treasury be permitted to transfer, sell, or convert the Bitcoin into another crypto.
Supporters of the bill argue that Illinois’ proposed Bitcoin reserve aligns with broader trends in financial innovation and could position the state as a leader in blockchain technology. However, the progress of such legislation may vary across the country, depending largely on regulatory clarity and market conditions.
Two public officials in Texas have already introduced proposals to establish a Bitcoin reserve in the state.
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