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Georgia State Advocates for Stronger Bitcoin Reserves, Senate Introduces Additional BTC Reserve Legislation
The U.S. state of Georgia has introduced a second Bitcoin reserve bill, just 10 days after the proposal of its initial legislation, allowing the state treasurer to invest in the leading cryptocurrency.
The new Bitcoin Reserve Bill SB 228 enables the state to invest in Bitcoin without any investment limitations. This bill modifies Section 3 of Chapter 17 of Title 50 of the state code concerning state depositories.
Georgia’s second Bitcoin reserve bill has surfaced as a partisan challenger to the previous bill. Under SB 228, the State Depository Committee will be authorized to permit the State Treasury Department to invest in Bitcoin.
In contrast, the SB 178 bill introduced 10 days earlier is supported by Republican sponsors, while SB 228 is endorsed by Democrats.
NEW: GEORGIA Bitcoin Reserve Bill
SB 228 is Georgia’s 2nd SBR bill in the Senate. The first was SB 178, introduced just 10 days ago.
NOTE: This appears to be the first ‘partisan’ competitor SBR bill:
– SB 178 has Republican sponsors
– SB 228 is supported by Democrats pic.twitter.com/6l6t9HIg83— Julian Fahrer (@Julian__Fahrer) February 23, 2025
Moreover, the bill mandates the State Treasury Department “to create policies and procedures for the acceptance, storage, and transaction of Bitcoin.” It also specifies that BTC held by the state government must comply with these policies and procedures.
This new legislation was jointly proposed by four Senators, including Sen. Esteves, and is awaiting review by the Georgia General Assembly.
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Who Will Oversee Strategic Bitcoin Reserves?
According to Bitcoin Reserve Monitor, 20 out of 50 states in the U.S. are advancing legislation to hold Bitcoin in strategic reserves. So far, none of the states have enacted a Bitcoin reserve law.
Adam Levine, CEO of Fireblocks Trust Company and SVP of Corporate Development & Partnerships, states that Bitcoin requires “specialized custody solutions” unlike traditional reserves such as gold.
“The top priority must be to utilize the safest solution to safeguard their Bitcoin reserves,” he informed Cryptonews via email. He noted that this would help mitigate risks such as theft, mismanagement, and regulatory ambiguity.
“Most governments today lack the depth of expertise required to manage digital assets. Therefore, the most prudent approach is for these governments to engage the services of licensed custodians with the right combination of cybersecurity resilience and operational expertise in digital assets.”
Qualified custodians will ensure that governments can protect their constituents’ financial backing in “the most secure manner,” Levine emphasized.
The post Georgia State Pushes Harder for Bitcoin Reserve, Senate Proposes Second BTC Reserve Bill appeared first on Cryptonews.
