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States Exploring Bitcoin Reserves
Illinois has joined a growing list of U.S. states exploring the possibility of crypto reserves as part of their financial strategy. State Representative John Cabello has introduced House Bill 1844 (HB1844), which would establish a Strategic Bitcoin Reserve Fund under the state treasury.
Key Provisions of HB1844
If passed, the Illinois State Treasurer would manage the fund, with all Bitcoin deposits held for a minimum of five years before the state could "transfer, sell, appropriate, or convert to another cryptocurrency any Bitcoin in the Fund." The bill allows Illinois to accept gifts, grants, and donations of Bitcoin from state residents and governmental entities.
Regular Audits and Biennial Reports
The proposal mandates regular audits and biennial reports, detailing the total amount of Bitcoin in the fund, its U.S. dollar equivalent, and any security risks encountered. The State Treasurer is authorized to adopt rules necessary to administer the fund, including protocols for secure storage, transaction management, and reporting standards.
Security Measures
The bill outlines strict security measures, mandating that Bitcoin held in the fund be stored in cold storage—a secure, offline method designed to prevent unauthorized access.
National Trend
The surge in state-level Bitcoin reserve proposals has accelerated since President Donald Trump’s return to the White House, with at least half a dozen states advancing or introducing similar bills in January alone.
Other States Exploring Bitcoin Reserves
Illinois is far from alone in its Bitcoin ambitions. Just a day before Illinois introduced HB1844, Arizona advanced a bill allowing public funds and pensions to invest in Bitcoin. In Texas, Lieutenant Governor Dan Patrick has made a state Bitcoin reserve one of his 2025 legislative priorities.
FAQs
Q: What is the purpose of the Illinois Bitcoin Reserve Fund?
A: The Illinois Bitcoin Reserve Fund is designed to explore the possibility of crypto reserves as part of the state’s financial strategy.
Q: Who would manage the fund?
A: The Illinois State Treasurer would manage the fund.
Q: How would the fund be secured?
A: The fund would be stored in cold storage, a secure, offline method designed to prevent unauthorized access.
Q: What is the reporting requirement for the fund?
A: The bill mandates regular audits and biennial reports, detailing the total amount of Bitcoin in the fund, its U.S. dollar equivalent, and any security risks encountered.
Q: Are other states exploring similar initiatives?
A: Yes, several states, including Arizona, Texas, and others, are advancing or introducing similar bills.
