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Missouri Advances Second Attempt to Establish State Bitcoin Reserve

Missouri House Bill 2080, introduced in January by Representative Ben Keathley, has been referred to the House Commerce Committee, where it awaits a public hearing and committee vote. The measure would create a “Bitcoin Strategic Reserve Fund” for the state.

It would authorize the treasurer to acquire, hold, and manage Bitcoin under defined statutory guidelines.

The proposal follows a failed 2025 effort by Keathley, whose prior bill stalled in committee and did not reach a floor vote. This year’s version arrives with revised committee placement and a more structured custody framework.

Under HB 2080, the state treasurer would be permitted to accept gifts, grants, donations, bequests, or devises of bitcoin from Missouri residents and governmental entities. The bill also authorizes the treasurer to purchase and hold bitcoin using state funds, though the framework emphasizes voluntary contributions as the primary funding source.

Bitcoin acquired for the reserve must be placed in cold storage and held for a minimum of five years from the date it enters state custody. During that period, the assets cannot be sold, transferred, or converted. 

After the five-year threshold, the treasurer may sell, transfer, appropriate, or convert the holdings into another cryptocurrency authorized under the bill.

The legislation defines bitcoin as a decentralized digital asset operating on a peer-to-peer network without centralized control. It also codifies “cold storage” as an offline method of securing private keys in a protected physical environment. By embedding definitions into statute, lawmakers seek to establish a legal foundation for custody and risk management.

HB 2080 requires the treasurer to develop formal custody policies and authorizes the use of a qualified, independent, United States-based third-party entity to assist in securing and administering the reserve. The bill mandates biennial public reporting and oversight procedures designed to provide transparency into the fund’s holdings and activity.

A separate provision would allow Missouri state agencies, with approval from the Department of Revenue, to accept cryptocurrency for taxes, fees, penalties, and other state obligations. Transaction costs may be borne by the payer.

If the Commerce Committee advances the bill, it will move to the full House for debate and vote. Approval there would send it to the Senate for committee review, floor consideration, and final passage. 

The measure would then proceed to Governor Mike Kehoe for signature or veto. The bill carries a proposed effective date of Aug. 28, 2026.

Last year, Missouri House Bill 594 (HB594) cleared the Missouri House and was signed into law by Mike Kehoe. The measure has since been implemented, eliminating Missouri’s state capital gains tax by allowing residents to deduct 100% of federally reported capital gains from their state adjusted gross income — meaning Missourians owe no state tax when selling or spending bitcoin.

Effective Jan. 1, 2025, Missouri became the first state to fully repeal state income taxes on capital gains for individuals. The 100% deduction applies to both short- and long-term gains derived from assets such as stocks, real estate and cryptocurrency, though it does not extend to distributions from retirement accounts.

This post Missouri Advances Second Attempt to Establish State Bitcoin Reserve first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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