Another Bitcoin Reserve Bill was introduced in Georgia, allowing state accounts to invest in Bitcoin without restrictions just 10 days after the initial bill was submitted.
If passed, the second Bitcoin (BTC) reserve bill introduced in the state will allow the state Department of Treasury to invest in Bitcoin without investment restrictions. The bill, known as Senate Bill 228, requires the Georgia Department of Treasury to develop its own policies and procedures that allow “acceptance, storage and trading of Bitcoin.”
The bill also provides that BTC investments by the state Treasury will be retained in accordance with local policies and requirements.
The second bill, considered a “partisan” competitor, heads head-on to the first Bitcoin Reserve bill. This is because SB 228 was introduced by Republican sponsors, and the first bill, SB 178, has Republican sponsors.
One important difference between the two bills is the existence of investment restrictions on Bitcoin reserves. The first bill has a 5% investment cap, while the second bill does not have a state Treasury investment limit.
SB 228 has been proposed by four state senators, including Senator Estevez, and is currently awaiting review. The first Bitcoin Reserve bill was introduced in Georgia on February 14 by Senator Gregd Lesal and co-hosted by Senator Brandon Beach and Clint Dixon.
According to the Bitcoin Reserve Monitor, there are at least 21 US states pondering the strategic reserves of cryptocurrency. Each state is in a different stage of approval of the law, with 19 state laws still pending, two still considering proposals, while four have been rejected. Wyoming, Montana, North Dakota and Pennsylvania are four states that have rejected proposals for the Bitcoin reserve bill.
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