Georgia has introduced a second Bitcoin reserve bill, just 10 days after the initial proposal, allowing the state treasurer to invest in Bitcoin without limitations.
The newly proposed Senate Bill 228 would enable the Georgia State Treasury to engage in Bitcoin investments without any restrictions. Additionally, the bill mandates that the State Treasury Department establish comprehensive policies for the “acceptance, storage, and transacting of Bitcoin.”
Moreover, investments in Bitcoin by the state treasury will adhere to local policies and regulations.
This second bill is seen as a direct competitor to the first Bitcoin reserve measure. Both bills are sponsored by Republicans, with SB 228 being introduced by four state senators including Senator Esteves, while the initial bill, SB 178, was introduced by State Senator Greg Dolezal with support from Senators Brandon Beach and Clint Dixon.
A significant difference between these two bills lies in the investment cap. The first bill imposes a 5% investment limit, whereas the new SB 228 allows for unrestricted investments by the state treasury.
According to the Bitcoin Reserve Monitor, at least 21 states across the U.S. are evaluating proposals related to cryptocurrency strategic reserves. Currently, 19 states are in various stages of legislative approval, two are still discussing proposals, and four states—Wyoming, Montana, North Dakota, and Pennsylvania—have rejected their Bitcoin reserve proposals.
As of now, no strategic Bitcoin reserve bills have been fully approved. However, industry experts are predicting that Utah may soon emerge as the first state to successfully pass such legislation.
