With the introduction of the House of Representatives bill 1844 (HB1844), Illinois has taken an important step in integrating crypto into a financial framework. The bill proposed by the State Council, John Cabello, aims to establish a state -owned Bitcoin Protection Avenue, which functions as a special fund within the State Finance.
One of the important provisions of HB1844 is to have a five -year holding period for bitcoin deposited on the fund. According to the bill textbook, the state accounting clerk must hold the bitcoin custody right for at least five years.
Only after this period, the State Finance is allowed to transfer, sell, or convert bitcoin to another cipher.
The bill will be inquired by the Regulation Committee on January 29 and will be undergoing further regulation screening before being presented for complete legislative approval. The Initiative will come immediately after the same legislative efforts in other states, including Arizona, which has made a bill to allow the Senate to invest in Bitcoin and make pensions.
Proponents in the bill argue that the Bitcoin Reserve, which was proposed by Illinois, is in line with a wider range of financial innovation and can be positioned as a blockchain technology leader. However, the progress of such laws may differ throughout the country, depending on the regulated clarity and market conditions.
In addition to Illinois, Texas is also considering similar measures. Deputy Governor of Texas announced on January 29 that the Bitcoin Protection Avenue was one of the state -legal priority in 2025.
Two civil servants in Texas have already introduced a proposal to establish a Bitcoin reserve in the state.