Georgia State Introduces Second Bitcoin Reserve Bill Allowing Unlimited BTC Investments

Highlights:

• Georgia introduces a second Bitcoin reserve bill allowing unlimited BTC investments by the state treasury.
• SB 228 requires Georgia Treasury to establish Bitcoin storage, transactions, and acceptance policies.
• As over 20 U.S. states explore cryptocurrency strategic reserve proposals, Bitcoin reserve plans gain traction.

The U.S. state of Georgia has introduced a second Bitcoin (BTC) reserve bill, SB 228, which permits the state to invest in BTC without any investment limits. Four Senators, including Sen. Esteves, jointly proposed the new legislation, which awaits review at the Georgia General Assembly. 

The bill comes 10 days after the first proposal (SB 178) allowing the state treasurer to invest in Bitcoin. Republicans support SB 178, whereas Democrats back SB 228. The first bill sets a 5% investment cap, while the second allows unlimited investments by the state treasury.

The new bill would require the Georgia State Treasury to create policies for accepting, storing, and transacting Bitcoin. The bill also states that BTC investments by the treasury must follow local policies and regulations.

🚨 NEW: GEORGIA Bitcoin Reserve Bill

SB 228 is Georgia's 2nd SBR bill in the Senate. The first was SB 178, introduced just 10 days ago.

NOTE: This appears to be the first 'partisan' competitor SBR bill:

– SB 178 has Republican sponsors
– SB 228 is by Democrats pic.twitter.com/6l6t9HIg83

— Julian Fahrer (@Julian__Fahrer) February 23, 2025

BTC Reserve Plans Gain Traction Across States

The Bitcoin Reserve Monitor reports that at least 21 U.S. states are considering cryptocurrency strategic reserves. Each state is at a different stage in the approval process. Nineteen states have pending legislation, while two are still reviewing proposals. Meanwhile, four states—Wyoming, Montana, North Dakota, and Pennsylvania—have rejected Bitcoin reserve bill proposals. 

Montana is the latest to reject such a bill. On February 22, the state’s House voted against making Bitcoin a state reserve asset. Many lawmakers said they were worried it could lead to wasting taxpayer money. House Bill No. 429 was rejected with a 41-59 vote. The bill proposed a fund to invest in metals, stablecoins, and large digital assets.

As of now, no strategic Bitcoin reserve bills have been passed. However, Dennis Porter, CEO of the Satoshi Act Fund, predicted Utah could be the first U.S. state to approve one. Utah is making the most progress on a Bitcoin reserve bill among U.S. states. On February 20, the HB230 bill passed the Senate Revenue and Taxation Committee. It will now go through a second and third reading before the final Senate vote.

Trump and Lummis Push for U.S. Bitcoin Reserve

Meanwhile, Senator Cynthia Lummis shared updates on her federal Bitcoin reserve bill during a January 21 interview. She noted the bill requires at least 60 votes for bipartisan Senate approval, adding, “We’re having good success. We’re not there yet, but we’re having good success.”

The Lummis bill aims for the U.S. to get 1 million Bitcoins, 5% of the total supply, in five years. It could use 198,100 seized Bitcoins and get the rest by selling gold reserves, using Emergency Support Functions, or both. On January 23, President Donald Trump ordered a study on creating a national digital asset stockpile. He had promised a “strategic Bitcoin reserve” during his election campaign. Experts say it could protect against inflation and currency drops.