Miduri’s HB 1217 bill proposed to establish a Bitcoin Strategic Reserve Fund (BTC) and was introduced to the House of Representatives’ Special Intergovernmental Committee after stagnating six weeks later.
Presented as one of the first at the state level to establish Bitcoin reservations, the initiative seeks to enable state treasures to receive, invest and maintain digital currency under certain circumstances, as detailed in legislative texts.
Where does this movement occur in the context? Over 20 similar projects are stagnant At local US councils.
The project’s reference to the committee represents a formal step in the legislative process, but faces a long road to approval. HB 1217, introduced at the beginning of February, It provides specific guidelines for Bitcoin managementincluding its custody, secure storage, and use in state transactions.
In addition to establishing a digital payment acceptance certificate, the measure can also accept donations to Bitcoin and allocate them to public services. However, his first progress was slow, I positioned it as one of the late projects. Among the national Bitcoin reservation proposal.
In the US, the idea of Bitcoin Strategy Preparation has gained traction since President Donald Trump announced the creation of the National Reserve on March 6, 2025, following the example of countries such as El Salvador, which adopted digital currency as legal bid funds in 2021 (until this year).
At the state level, similar initiatives are emerging in places like Texas and Massachusetts. This location is trying to diversify the public funds that lawmakers invest in cryptocurrency.
The advances of HB 1217 in Mithri reflect the growing interest in cryptocurrencies in the state’s public policy, but also highlight the regulatory and political challenges faced by these proposals.
The HB 1217 project is inspired by the Bitcoin Act at the federal level, which was announced in 2024 and reintroduced this year, and is attempting to create a national strategic preparation for storing 1 million BTC within five years.
Special Committee on HB 1217 referenced There is a task to analyze the economic, legal and technical viability of the proposal.. This includes evaluating how states manage custody of Bitcoin and how they manage integration into public finances and risks associated with its volatility.
Experts point out that Bitcoin Reserve could serve as a diversification tool, but also warned of the need for clear regulations to mitigate financial risk. Like other states, Mithri must address these issues before moving towards possible approval.
Despite progress, the future of HB 1217 remains uncertain. References to the special committee are merely a preliminary step, and the project could face opposition from skeptical legislators or regulators related to economic stability.
In parallel, proposals from other states, such as those in Illinois and New York, have also struggled to advance, highlighting the complexity of integrating Bitcoin into the public financial system. However, Midari’s move suggests that there is a debate over Bitcoin reserves He continues to gain ground even in states where progress has slowed.
The initial stagnation of HB 1217, which lasted six weeks, is not uncommon in the state legislature context, where bills can be delayed due to lack of consensus or legislative priorities.
Bitcoin proposals often face delays due to lack of technical experience between lawmakers and financial regulators concerns. In Miduri, the steps to the special committee represent the opportunity for project defenders They address these concerns and move towards possible implementations.
(tagstotranslate)bitcoin(btc)
