The Bitcoin bill was referred to the Rules Committee on January 29 and is awaiting full approval.
This move follows Utah’s Bitcoin reserve plans and aligns with growing interest among US states to build their own BTC reserves.
The push for Bitcoin reserves in the US comes amid broader national and global shifts in crypto policy.
The Bitcoin reserve ball has already started to roll as US states show keenness for building their own reserves. A day after the US state of Utah disclosed its BTC reserve plans, Illinois has pushed forward a strategic BTC reserve bill as a financial savings technology.
Illinois State Representative John Cabello has introduced House Bill 1844 (HB1844), which aims to establish a strategic Bitcoin (BTC) reserve. The proposed bill would create a “special fund” within the state treasury to hold Bitcoin as a financial asset.
As per the filing, the good thing is that the Illinois Treasury will hold BTC for a minimum of five years after the creation of the fund. The official reads:
“Provides that the State Treasurer shall hold all Bitcoin deposited into the Fund for a duration of at least 5 years from the date that the Bitcoin enters the State’s custody.”
“Provides that the State Treasurer shall hold all Bitcoin deposited into the Fund for a duration of at least 5 years from the date that the Bitcoin enters the State’s custody.”
Following a five-year holding period, the state Treasury will have the permission to “transfer, sell, appropriate, or convert to another cryptocurrency any Bitcoin in the Fund”.
The bill was sent to the Rules Committee on January 29 for the final regulatory details and is awaiting full approval by lawmakers. Illinois’ Bitcoin bill follows closely on the heels of Arizona’s Senate, which advanced its own Bitcoin reserve legislation the day before, aimed at allowing public funds and pensions to invest in Bitcoin.
Bitcoin Reserve Race Heats Up
Following ‘s victory, analysts are hopeful for a massive change in the US crypto policy supporting the larger adoption of Bitcoin and other digital assets. Without wasting much time, President Trump was quick to sign an executive order for building a digital asset stockpile. However, this has created a fierce debate between XRP vs Bitcoin communities with some arguing Ripple is lobbying with the White House lawmakers for XRP inclusion as part of .
The Trump effect is also visible in the global crypto space. On Wednesday, the Czech National Bank governor Aleš Michl proposed allocating 5% of the central bank’s massive 140 billion euro reserves to Bitcoin.
Wyoming Senator Cynthia Lummis said has been pushing for having Bitcoin reserves with her proposed plan of acquiring 200,000 BTC for the next five years. “We would have an asset that’s growing in value while our own dollar is decreasing in value, and thereby we could shore up the U.S. dollar as the world’s reserve currency,” she said.
