Another bitcoin reserve bill has been introduced in Georgia so that the state treasurer can get permission to invest in bitcoin without any limit, only 10 days after submission of the first bill.
If passed, the second bitcoin (BTC) reserve bill introduced in the state will allow the state’s Treasury to invest in bitcoins without any investment ban. The bill known as the Senate Bill 228, the Georgia State Treasury Department will also need to develop its policies and procedures that will “allow the acceptance, storage and transaction of bitcoin.”
The bill also states that BTC investment by the state Treasury will be conducted according to local policies and requirements.
The second bill is considered a “partisan” contestant, which first falls head-to-head with the bitcoin reserve bill. This is because SB 228 was introduced by Republican sponsors, while the first Bill, SB 178, is the Republican sponsor.
A significant difference between the two bills is the presence of an investment range for bitcoin stockpilling. The first bill comes with an investment cap of 5%, meanwhile the second bill has no investment limit for the state’s Treasury.
The SB228 was proposed by four state senators, including senator Estevs and currently waiting for a review. The first Bitcoin Reserve Bill was co-proposed by state senator Greg Dolzel on 14 February at Georgia and by Senator Brandon Beach and Clint Dixon.
Bitcoin according to reserve monitorThere are at least 21 American states that are cultivating the cryptocurrency strategic stores. Each state law is in different stages of approval, 19 state legislations are still pending, two are still considering proposals, while four have been rejected. Vayaming, Montana, North Dakota and Pennsylvania are four states that have rejected the proposals of the Bitcoin Reserve Bill.
While the press time has not yet passed any strategic bitcoin reserve bill, Dennis Porter, CEO of Satoshi Act Fund, predicted that Utah would become the first state in the US to pass a strategic bitcoin reserve bill.
