Montana’s Bitcoin Reserve Proposal Fails in House With 59-41 Vote

• Montana’s BTC reserve bill, HB No. 429, was beaten in a 59-41 vote in the state House of Representatives.
• Republican lawmakers opposed the bill, citing concerns about financial risks and lack of clarity regarding fund allocation.
• If passed, Montana would have joined Utah, Arizona, and Oklahoma in advancing BTC reserve proposals at the state level.

Montana’s House Bill No. 429, offering the establishment of a Bitcoin reserve, failed to pass its second reading in the state’s House of Representatives. The vote concluded with 41 in favor and 59 against, effectively ending the bill’s progress. The legislation initially received backing from the House Business and Labor Committee on February 19 but faced significant opposition during the House vote on February 22.

Republican Lawmakers Oppose Bitcoin Reserve Plan

According to Bitcoin Laws, support from 41 representatives existed while the bill encountered its primary opposition within the Republican side of legislature. Southern California Gas Company assessed two main problems within the proposed measure. At the hearing Representative Jane Gillette expressed her reservations about the funding proposal because it failed to specify money distribution details. 

Representative Steven Kelly described investments in digital assets as “way too risky” and emphasized the House’s responsibility to safeguard taxpayer money. Representative Bill Mercer echoed similar concerns, stating that using public funds for speculative assets was inappropriate.

Introduced by Representative Gayle Lammers and co-sponsored by Representative Curtis Schomer, House Bill No. 429 sought to establish a revenue account for investments in precious metals, stablecoins, and digital assets with an average market capitalization exceeding $750 billion. 

The proposal outlined an allocation of $50 million to be managed by Montana’s state treasurer by mid-July 2025. The aim was to diversify the state’s financial assets through exposure to high-market-cap digital currencies.

Supporters Advocate for Asset Diversification

Despite the opposition, some lawmakers, including Representative Lee Demming, supported exploring the potential benefits of digital asset investments. They pointed to the need for Montana to seek avenues for optimizing returns on taxpayer funds. Dennis Porter, CEO of the Satoshi Action Fund, noted the growing interest among U.S. states in considering Bitcoin as a reserve asset.

Had it passed, Montana would have joined Utah, Arizona, and Oklahoma in advancing legislation to explore state-held Bitcoin reserves. These states have already moved similar proposals through their respective legislative houses. With the bill’s defeat, Montana steps back from joining this emerging trend of state-level digital asset investments.