Bill > HB2080

This bill establishes the "Cryptocurrency Strategic Reserve Fund" and grants the state treasurer the authority to manage digital assets, which are defined as virtual currencies like Bitcoin, Ethereum, and stablecoins (digital assets backed by dollars and redeemable for dollars), as well as other electronic assets. The treasurer can accept donations of these digital assets from eligible Missouri residents and governmental entities, holding them in "cold storage" (securely offline) for at least five years before potentially converting or transferring them. The bill also allows the treasurer to engage in "staking," a process where digital assets are locked to support a blockchain network's operation, provided the state retains ownership and uses third-party services. Furthermore, governmental entities will be required to accept digital assets, specifically stablecoins, for tax and fee payments, with the treasurer having discretion over converting any remaining balance to other approved cryptocurrencies. The bill also clarifies that individuals operating nodes (computers that maintain a blockchain) or participating in staking services will not face liability for validating transactions and that such staking services will not be considered state-regulated investments. The creation of this fund and the treasurer's expanded powers are contingent upon voter approval of a related constitutional amendment.