The U.S. state of Georgia has introduced a new Senate Bill 228 (SB 228), which will allow the state to invest in Bitcoin without any investment cap. Interestingly, the move marks the second proposal to establish a Bitcoin Reserve in ten days.
Georgia Proposes Second Bitcoin Reserve Bill
The proposal, co-sponsored by Senator Esteves of District 35 and four other senators, seeks to amend the state’s law concerning its finances, thereby permitting its Treasury Department to incorporate Bitcoin into its investment portfolio.
Notably, the effort follows a previous proposal, SB 178, introduced by Senator Greg Dolezal. That proposal aimed to allocate up to 5% of state funds to Bitcoin investments. The latest bill indicates a more aggressive approach, removing the investment limit and allowing Georgia to acquire unlimited Bitcoin as part of its financial reserves.
Georgia’s Bill Breaks Records
While Republican lawmakers introduced SB 178, SB 228 is backed by Democratic sponsors, making it the first instance of a partisan competing bill on Bitcoin reserves. Two bills, each with different approaches to Bitcoin investment, hint at growing bipartisan interest in integrating crypto into government finances.
Another notable feature of SB 228 is that it permits the lending of state-owned BTC, an additional income strategy allowing Georgia to generate revenue. The provision could set Georgia apart from other states exploring Bitcoin reserves.
If SB 228 passes, Georgia will be the first state government to hold an unlimited BTC reserve. The bill is still in its early stages and must pass through debates before becoming law.
Other States Eye Strategic Bitcoin Reserves Amid Criticism
Aside from Georgia, several other states are considering establishing state-level Bitcoin reserves. Arizona, a longtime advocate for Bitcoin-friendly policies, has proposed making Bitcoin a part of its portfolio.
Ohio, one of the first states to experiment with accepting Bitcoin for tax payments, continues to explore ways to integrate crypto into state operations. Texas has also been actively drafting regulations that could position it as a leader in Bitcoin adoption.
Meanwhile, these moves come amid criticism from other famous figures. Prominent Bitcoin critic Peter Schiff has called Bitcoin a “national security threat” to the U.S., arguing that widespread adoption could undermine the traditional financial system.
Additionally, former U.S. Treasury Secretary Lawrence Summers has labeled the idea of a national Bitcoin reserve as “crazy,” emphasizing the risks of relying on a highly volatile asset for government funds.
