Georgia Introduces Second Bitcoin Reserve Bill with No Investment Cap

Ten days after the initial proposal, Georgia lawmakers have introduced a second Bitcoin reserve measure. Senate Bill 228 (SB 228) would provide the state treasurer unrestricted access to Bitcoin investments if it were approved.

The Georgia State Treasury Department is also required under the bill to create its own guidelines for the “acceptance, storage, and transacting of Bitcoin.” Investments have to abide by treasury rules and local laws.

Due to its competition with Senate law 178 (SB 178), another Bitcoin reserve law that was previously submitted, this most recent proposal exacerbates the discussion around Bitcoin’s place in state reserves.

Key Differences Between the Two Bills

While both bills aim to incorporate Bitcoin into state investments, they differ significantly. SB 178, backed by Republican sponsors, includes a 5% cap on Bitcoin holdings. In contrast, SB 228, proposed by a different group of Republican senators, removes any investment restrictions.

SB 228, introduced by Senator Jason Esteves and three other lawmakers, is currently under review. Meanwhile, SB 178, filed on February 14 by State Senator Greg Dolezal, has Republican support from Senators Brandon Beach and Clint Dixon.

The competition between these two bills reflects a growing trend in the U.S., where multiple states are considering cryptocurrency reserves.

Twenty-one states are investigating Bitcoin reserve strategies, according to the Bitcoin Reserve Monitor. The legislative procedure differs, though, with four states—Wyoming, Montana, North Dakota, and Pennsylvania—rejecting identical laws, two states still considering ideas, and 19 states with pending bills.

No state has formally implemented a Bitcoin reserve policy as of yet. But according to Satoshi Act Fund CEO Dennis Porter, Utah might be the first state to enact a strategic Bitcoin reserve statute.

Georgia may play a significant role in determining how Bitcoin is incorporated into governmental financial systems now that it is evaluating two opposing ideas.