IL
Illinois House Bill HB1844

Illinois 2025-2026 Regular Session

Illinois House Bill HB1844 Compare Versions

Only one version of the bill is available at this time.
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11 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1844 Introduced , by Rep. John M. Cabello SYNOPSIS AS INTRODUCED: New Act30 ILCS 105/5.1030 new Creates the Strategic Bitcoin Reserve Act. Creates the Strategic Bitcoin Reserve Fund as a special fund in the State treasury for the purpose of holding bitcoin as a financial asset. Provides that the State Treasurer may accept gifts, grants, and donations of bitcoin from Illinois residents and governmental entities for deposit into the Fund. Provides that the State Treasurer shall hold all bitcoin deposited into the Fund for a duration of at least 5 years from the date that the bitcoin enters the State's custody. Allows the State Treasurer, after this period, to transfer, sell, appropriate, or convert to another cryptocurrency any bitcoin in the Fund. Adds provisions concerning the management and security of the Fund; reporting requirements; and voluntary donations of bitcoin by Illinois residents. Provides that the State Treasurer may adopt rules necessary to administer the Act. Effective immediately. LRB104 08102 SPS 18148 b A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1844 Introduced , by Rep. John M. Cabello SYNOPSIS AS INTRODUCED: New Act30 ILCS 105/5.1030 new New Act 30 ILCS 105/5.1030 new Creates the Strategic Bitcoin Reserve Act. Creates the Strategic Bitcoin Reserve Fund as a special fund in the State treasury for the purpose of holding bitcoin as a financial asset. Provides that the State Treasurer may accept gifts, grants, and donations of bitcoin from Illinois residents and governmental entities for deposit into the Fund. Provides that the State Treasurer shall hold all bitcoin deposited into the Fund for a duration of at least 5 years from the date that the bitcoin enters the State's custody. Allows the State Treasurer, after this period, to transfer, sell, appropriate, or convert to another cryptocurrency any bitcoin in the Fund. Adds provisions concerning the management and security of the Fund; reporting requirements; and voluntary donations of bitcoin by Illinois residents. Provides that the State Treasurer may adopt rules necessary to administer the Act. Effective immediately. LRB104 08102 SPS 18148 b LRB104 08102 SPS 18148 b A BILL FOR
22 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1844 Introduced , by Rep. John M. Cabello SYNOPSIS AS INTRODUCED:
33 New Act30 ILCS 105/5.1030 new New Act 30 ILCS 105/5.1030 new
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66 Creates the Strategic Bitcoin Reserve Act. Creates the Strategic Bitcoin Reserve Fund as a special fund in the State treasury for the purpose of holding bitcoin as a financial asset. Provides that the State Treasurer may accept gifts, grants, and donations of bitcoin from Illinois residents and governmental entities for deposit into the Fund. Provides that the State Treasurer shall hold all bitcoin deposited into the Fund for a duration of at least 5 years from the date that the bitcoin enters the State's custody. Allows the State Treasurer, after this period, to transfer, sell, appropriate, or convert to another cryptocurrency any bitcoin in the Fund. Adds provisions concerning the management and security of the Fund; reporting requirements; and voluntary donations of bitcoin by Illinois residents. Provides that the State Treasurer may adopt rules necessary to administer the Act. Effective immediately.
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1212 1 AN ACT concerning State government.
1313 2 Be it enacted by the People of the State of Illinois,
1414 3 represented in the General Assembly:
1515 4 Section 1. Short title. This Act may be cited as the
1616 5 Strategic Bitcoin Reserve Act.
1717 6 Section 5. Findings and purpose. The General Assembly
1818 7 finds as declares:
1919 8 (1) bitcoin is a valuable digital asset with strategic
2020 9 potential for enhancing the State's fiscal resilience;
2121 10 (2) bitcoin's decentralized nature and finite supply
2222 11 provide unique qualities that can serve as a hedge against
2323 12 inflation and economic volatility; and
2424 13 (3) a strategic bitcoin reserve aligns with Illinois'
2525 14 commitment to fostering innovation in digital assets and
2626 15 providing Illinoisans with enhanced financial security.
2727 16 Section 10. Definitions. As used in this Act:
2828 17 "Bitcoin" means the decentralized digital asset created by
2929 18 a peer-to-peer network that operates with no central authority
3030 19 or banks.
3131 20 "Cold storage" means a method of storing private keys
3232 21 required to transact in bitcoin, with a nexus to a secure
3333 22 physical location, protected from unauthorized access and
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3838 New Act30 ILCS 105/5.1030 new New Act 30 ILCS 105/5.1030 new
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4040 30 ILCS 105/5.1030 new
4141 Creates the Strategic Bitcoin Reserve Act. Creates the Strategic Bitcoin Reserve Fund as a special fund in the State treasury for the purpose of holding bitcoin as a financial asset. Provides that the State Treasurer may accept gifts, grants, and donations of bitcoin from Illinois residents and governmental entities for deposit into the Fund. Provides that the State Treasurer shall hold all bitcoin deposited into the Fund for a duration of at least 5 years from the date that the bitcoin enters the State's custody. Allows the State Treasurer, after this period, to transfer, sell, appropriate, or convert to another cryptocurrency any bitcoin in the Fund. Adds provisions concerning the management and security of the Fund; reporting requirements; and voluntary donations of bitcoin by Illinois residents. Provides that the State Treasurer may adopt rules necessary to administer the Act. Effective immediately.
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7070 1 isolated from any network connections.
7171 2 "Cryptocurrency" means a type of virtual currency that
7272 3 utilizes cryptography to secure transactions that are
7373 4 digitally recorded on a distributed ledger, such as a
7474 5 blockchain.
7575 6 "Custody" means the holding, safeguarding, and managing of
7676 7 bitcoin assets by the State Treasurer.
7777 8 "Donor" means an Illinois resident who gifts, grants,
7878 9 donates, bequests, or devises bitcoin to be deposited into the
7979 10 Strategic Bitcoin Reserve Fund.
8080 11 "Fund" means the Strategic Bitcoin Reserve Fund.
8181 12 "Governmental entity" means each officer, board,
8282 13 commission, and agency created by the Constitution, whether in
8383 14 the executive, legislative, or judicial branch of State
8484 15 government; each officer, department, board, commission,
8585 16 agency, institution, authority, university, and body politic
8686 17 and corporate of the State; each administrative unit or
8787 18 corporate outgrowth of State government that is created by or
8888 19 pursuant to statute, including units of local government and
8989 20 their officers, school districts, and boards of election
9090 21 commissioners; and each administrative unit or corporate
9191 22 outgrowth of the foregoing items and as may be created by
9292 23 executive order of the Governor.
9393 24 Section 15. Strategic Bitcoin Reserve Fund.
9494 25 (a) The Strategic Bitcoin Reserve Fund is created as a
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105105 1 special fund in the State treasury for the purpose of holding
106106 2 bitcoin as a financial asset.
107107 3 (b) The State Treasurer shall manage the Fund and shall
108108 4 implement secure storage, management, and reporting systems
109109 5 for the assets in the Fund.
110110 6 (c) The State Treasurer may accept gifts, grants, and
111111 7 donations of bitcoin from Illinois residents and governmental
112112 8 entities for deposit into the Fund, subject to the limitations
113113 9 described in subsection (b) of Section 20.
114114 10 (d) The State Treasurer shall hold all bitcoin deposited
115115 11 into the Fund for a duration of at least 5 years from the date
116116 12 that the bitcoin enters the State's custody. After this
117117 13 period, the State Treasurer may transfer, sell, appropriate,
118118 14 or convert to another cryptocurrency any bitcoin in the Fund.
119119 15 Section 20. Management and security of the Fund.
120120 16 (a) The State Treasurer shall develop policies and
121121 17 protocols to ensure the secure storage and protection of
122122 18 bitcoin held in the Fund, including the use of secure
123123 19 custodial technologies, cold storage, and best practices in
124124 20 digital asset management.
125125 21 (b) The State Treasurer shall prohibit transactions
126126 22 involving foreign countries, entities, or individuals outside
127127 23 of Illinois, or entities or individuals known to engage in
128128 24 illegal activities.
129129 25 (c) The State Treasurer may contract with a qualified,
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140140 1 independent, United States-based third-party cryptocurrency
141141 2 entity to assist in the creation, maintenance, operation, or
142142 3 administration of the Fund's security.
143143 4 (d) The State Treasurer shall conduct regular audits of
144144 5 the Fund to ensure transparency and security.
145145 6 Section 25. Reporting requirements.
146146 7 (a) The State Treasurer shall prepare a biennial report
147147 8 including:
148148 9 (1) the total amount of bitcoin held in the Fund;
149149 10 (2) the equivalent value of the Fund in U.S. dollars;
150150 11 (3) the growth of the Fund since the previous report;
151151 12 (4) any transactions or expenditures related to the
152152 13 Fund since the previous report;
153153 14 (5) any security threats experienced since the
154154 15 previous report; and
155155 16 (6) the amount of bitcoin that, after the mandatory
156156 17 5-year holding period, is eligible to be converted or
157157 18 transferred.
158158 19 (b) No later than December 31, 2026, and every 2 years
159159 20 thereafter, the State Treasurer shall submit the report to the
160160 21 General Assembly and publish the report on the State
161161 22 Treasurer's website.
162162 23 Section 30. Voluntary donations of bitcoin by Illinois
163163 24 residents.
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174174 1 (a) The State Treasurer may accept a gift, grant,
175175 2 donation, bequest, or devise of bitcoin from Illinois
176176 3 residents for deposit into the Strategic Bitcoin Reserve Fund.
177177 4 (b) The State Treasurer shall develop a donation process
178178 5 to facilitate bitcoin contributions from Illinoisans.
179179 6 (c) All bitcoin donations shall be held in the Strategic
180180 7 Bitcoin Reserve Fund and managed under the same protocols as
181181 8 other assets in the State treasury.
182182 9 (d) Upon request, the State Treasurer may issue a
183183 10 certificate of acknowledgment to individuals or organizations
184184 11 donating bitcoin for deposit into the Fund.
185185 12 (e) The State Treasurer may also establish a recognition
186186 13 program to publicly honor significant contributions to the
187187 14 Fund made by Illinoisans.
188188 15 (f) The State Treasurer shall have the discretion to
189189 16 determine the eligibility of donors. If the State Treasurer
190190 17 determines that a donor is ineligible, the State Treasurer
191191 18 shall establish a process to return any bitcoin transferred to
192192 19 the Fund to the ineligible donor.
193193 20 Section 35. Cryptocurrency conversion.
194194 21 (a) A State agency that accepts cryptocurrency shall first
195195 22 convert the accepted cryptocurrency to an equivalent value of
196196 23 bitcoin, if necessary, before transferring the bitcoin to the
197197 24 State Treasurer to deposit into the Fund.
198198 25 (b) The State Treasurer shall adopt rules to compensate
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209209 1 State agencies in United States dollars for the bitcoin that
210210 2 the State agency transfers to the State Treasurer for deposit
211211 3 into the Fund.
212212 4 Section 40. Rulemaking. The State Treasurer may adopt
213213 5 rules necessary to administer this Act, including, but not
214214 6 limited to, security protocols, reporting standards, and
215215 7 donation procedures.
216216 8 Section 90. The State Finance Act is amended by adding
217217 9 Section 5.1030 as follows:
218218 10 (30 ILCS 105/5.1030 new)
219219 11 Sec. 5.1030. The Strategic Bitcoin Reserve Fund.
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