TLDR:
- Missouri HB 2080 would create a Bitcoin Strategic Reserve Fund managed by the State Treasurer under RSMo Chapter 30.
- Bitcoin donated to the fund must be held for a minimum of five years before it can be sold, transferred, or converted.
- The bill requires all Missouri government entities to accept Department of Revenue-approved cryptocurrency for taxes and fees.
- A biennial report detailing Bitcoin holdings, dollar value, security threats, and fund growth would be required under the bill.
Missouri’s 103rd General Assembly has introduced House Bill 2080, sponsored by Representative Keathley. The bill proposes creating a Bitcoin Strategic Reserve Fund within the state treasury under RSMo Chapter 30.
If passed, the State Treasurer would manage the fund and accept Bitcoin donations from eligible Missouri residents.
The bill also allows government agencies to accept cryptocurrency for tax and fee payments. This marks a notable step in state-level digital asset policy.
How the Bitcoin Strategic Reserve Fund Would Work
The bill defines Bitcoin as a decentralized digital asset operating without a central authority. Under the proposed law, the State Treasurer would serve as custodian of the Bitcoin Strategic Reserve Fund.
Contributions may come through gifts, grants, donations, bequests, or devises from Missouri residents or governmental entities.
Once Bitcoin enters state custody, it must remain held for a minimum of five years. After that mandatory period, the treasurer may transfer, sell, appropriate, or convert the assets. This holding requirement aims to prevent short-term speculation with public digital assets.
Security protocols are a core part of the bill’s framework. The treasurer would be required to use cold storage and other secure custodial technologies.
A qualified, U.S.-based third-party cryptocurrency entity may also be contracted to support fund security.
To maintain transparency, the treasurer must conduct regular audits and publish biennial reports. These reports must detail total Bitcoin holdings, U.S. dollar equivalents, fund growth, transactions, security threats, and eligible conversion amounts. Reports are due before December 31 of each even-numbered year.
Crypto Payments and Donor Recognition Under the Proposal
Beyond the reserve fund, the bill introduces broader cryptocurrency acceptance across Missouri. Section 30.1030 requires all governmental entities to accept approved cryptocurrency for taxes, fees, fines, assessments, and other charges. The Department of Revenue would determine which cryptocurrencies qualify.
Service fees tied to cryptocurrency transactions may be passed on to the payer. This gives government entities flexibility while still opening the door to digital asset payments. The bill does not specify which cryptocurrencies outside Bitcoin would qualify for this use.
The bill also creates a recognition program for donors. Upon request, the State Treasurer may issue a certificate of acknowledgment to individuals or organizations that contribute Bitcoin. Significant contributions could receive additional public recognition through a formal honors program.
Donor eligibility remains at the treasurer’s discretion. If a donor is found ineligible, their Bitcoin must be returned. The bill strictly prohibits transactions involving foreign countries, entities outside Missouri, or parties known to engage in illegal activities.
Only U.S.-based partners may assist in fund operations. Rulemaking authority granted under the bill would become void if related legislative oversight provisions are later ruled unconstitutional.
