Bill > HB1844

This bill establishes the Strategic Bitcoin Reserve Act in Illinois, creating a special fund in the state treasury dedicated to holding bitcoin as a financial asset. The bill recognizes bitcoin as a valuable digital asset that can provide strategic financial benefits, such as hedging against inflation and economic volatility. The State Treasurer will manage the fund, with the ability to accept bitcoin donations from Illinois residents and governmental entities, and will be required to securely store these digital assets using advanced security measures like cold storage. Donors will be subject to eligibility review, and the treasurer may provide acknowledgment certificates for contributions. All bitcoin received must be held for a minimum of 5 years, after which the treasurer can transfer, sell, or convert the assets. The bill mandates biennial reporting to the General Assembly, including details about the fund's total value, growth, and any security concerns. The State Treasurer is also authorized to develop comprehensive policies and protocols for managing the fund, including prohibiting transactions with foreign entities or those engaged in illegal activities, and may contract with independent U.S.-based cryptocurrency experts to assist in fund management. The bill aims to position Illinois at the forefront of digital asset innovation while providing a strategic financial tool for the state.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1844&GAID=18&DocTypeID=HB&SessionID=114&GA=104