- Georgia introduced the second Bitcoin Reserve Bill
- SB 228 followed just 10 days after SB 178
- It amends Section 3 of Chapter 17 of Title 50
- SB 228 from Democrats removes some investment restrictions
Georgia state introduced a Bitcoin reserve bill from democrats, opposite SB 178. The new SB 228 amends Section 3 of Chapter 17 of Title 50 removes some investment restrictions and expands the state’s Bitcoin accumulation options.
More About the New SB 228
It’s interesting to watch as many were unsure whether individual states would see their own Bitcoin reserve bills, and with the new Trump administration and related initiatives – we may see competing ones emerge.
First, Republicans and Sen. Greg Dolezal in Georgia introduced their Bitcoin reserve bill, SB 178.
And just 10 days later Democrats introduced their SB 228, with four Senators including, Sen. Esteves and awaits review at the Georgia General Assembly.
Both of these bills obviously have the same goals and are very similar in general, but take slightly different approaches. SB 228 amends Section 3 of Chapter 17 of Title 50 of the state code relating to state depositories.
The first bill comes with an investment cap of 5%, meanwhile, the second bill has no investment limit for the state treasury. Also, the second bill proposes State Depository Committee be authorized to allow the State Treasury Department to invest in Bitcoin. And, it requires Georgia State Treasury to create specific policies for accepting, storing, and transacting Bitcoin.
Overall, the adoption of Bitcoin reserve states continues, and even half a year ago it was just a few states, but now almost 20 out of 50 states are pending their Bitcoin reserve bills.
Conclusion
It seems Bitcoin adoption is still going strong, regardless of market fluctuations or the speed of how quickly it is being adapted nationwide.
It will be ironic to see if most states adopt their reserves before the nationwide Bitcoin reserve is adopted and make the US a Bitcoin nation in a decentralized way.
Let’s wait for the audit results – be aware and stay tuned for updates on the rapidly evolving regulations and crypto landscape.
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