The Montana House of Representatives has voted against a bill that sought to designate Bitcoin as a state reserve asset because many lawmakers expressed concern about excessive speculation with taxpayer funds.
Bill No. 429, which was rejected in a 41-59 vote, mainly by Republican opposition, sought to create a special revenue account for investments in precious metals, stablecoins and digital assets with an average market capitalization of more than $750 billion in the past year, a criterion currently met only by Bitcoin.
During the House session, State Representative Steven Kelly stated:
"It’s still taxpayer money, and we’re responsible for it, and we need to protect it," stressing that "these types of investments are way too risky."