Illinois introduces Bitcoin Reserve Bill, member of the growing list of states

Illinois has joined a growing list of US states that investigate the possibility of crypto reserves as part of their financial strategy.

State representative John Cabello has introduced House Bill 1844 (HB1844), which would set up a strategic Bitcoin Reserve Fund under state protection.

If adopted, the treasurer of the State of Illinois would manage the fund, with all Bitcoin deposits that are held at least five years before the state can transfer, sell, fit or convert to another cryptocurrency “every bitcoin in the fund”. “

The increase in Bitcoin reserve proposals at state level has been accelerated since President Donald Trump’s return to the White House, with at least half a dozen states that introduce pre-tracts or similar accounts alone in January.

HB1844 enables Illinois to accept gifts, subsidies and donations from Bitcoin from the State and Government Institutions inhabitants.

This makes Illinois one of the first states to consider voluntary Bitcoin contributions as part of the strategy for public finances.

In addition, HB1844 requires regular audits and biennial reports, with details about the total amount of Bitcoin in the fund, the US dollar equivalent and any security risks.

The proposal outlines strict security measures, which is mandatory that Bitcoin is stored in the fund in cold storage – a safe, offline method that is designed to prevent unauthorized access.

The treasurer is authorized to adopt rules that are necessary to manage the fund, including protocols for safe storage, transaction management and reporting standards.

The conversation around Bitcoin as a national financial assets took further this week in increasing governor Aleš Michl of the Czech National Bank that he would propose to $ 7 billion in Bitcoin to the national reserves of the country.

Shortly after the Czech proposal appeared, Wyoming Senator Cynthia Lummis called for rapid action of the US, tweeting,

‘If you are not the first, you are last. America has to take decisive action to set up a strategic Bitcoin reserve and secure its place in the 21st century. “

States that explore Bitcoin -Reserves

Illinois is far from only in his Bitcoin ambitions.

Only one day before Illinois introduced HB1844, Arizona advanced a bill with which public resources and pensions in Bitcoin can invest.

In Texas, Lieutenant -Governor Dan Patrick has made a Bitcoin reserve of the State one of his legislative priorities of 2025 in his last proposal.

Indiana’s House Bill 1322 (HB1322) goes beyond reserves, so that the state is instructed to investigate how blockchain technology can improve the efficiency of the government, data security and consumer experience.

The bill also enables public employee pension funds to invest in Bitcoin ETFs.

Various other states-including Pennsylvania, Oklahoma, North Dakota and South Dakota-Hebben also put forward or advanced their own Bitcoin-related proposals.