Second Bitcoin reserve bill introduced in Georgia, now without investment limit

Another Bitcoin reserve bill has been introduced in Georgia to allow the state treasurer to invest in Bitcoin without limits, only 10 days following the first bill’s submission.

If passed, the second Bitcoin (BTC) reserve bill introduced in the state would allow the state treasury to invest in Bitcoin without any investment restrictions. The bill, known as Senate Bill 228, would also require the Georgia State Treasury Department to develop its own policies and procedures that would permit the “acceptance, storage, and transacting of Bitcoin.”

The bill also stipulates that BTC investment by the state treasury will be held in accordance with local policies and requirements.

The second bill is considered a “partisan” competitor, going head-to-head with the first Bitcoin reserve bill. This is because SB 228 was introduced by Republican sponsors, while the first bill, SB 178, has Republican sponsors.

One key difference between the two bills is the presence of an investment limit for Bitcoin stockpiling. The first bill comes with an investment cap of 5%, meanwhile the second bill has no investment limit for the state treasury.

SB 228 was proposed by four state senators including, Senator Esteves and is currently awaiting review. The first Bitcoin reserve bill was introduced in Georgia on Feb. 14, by State Senator Greg Dolezal and co-sponsored by Senators Brandon Beach and Clint Dixon.

According to the Bitcoin Reserve Monitor, there are at least 21 U.S. states that are mulling over cryptocurrency strategic reserves. Each state is at different stages of legislation approval, with 19 state legislations still pending, two still considering proposals, while four have been rejected. Wyoming, Montana, North Dakota and Pennsylvania are the four states which have rejected proposals for Bitcoin reserve bills.

While no strategic Bitcoin reserve bills have been passed yet as of press time, Satoshi Act Fund CEO Dennis Porter predicted that Utah would become the first state in America to pass a strategic Bitcoin reserve bill.