| 1 | 1 | | FIRSTREGULARSESSION |
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| 2 | 2 | | HOUSEBILLNO.1217 |
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| 3 | 3 | | 103RDGENERALASSEMBLY |
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| 4 | 4 | | INTRODUCEDBYREPRESENTATIVEKEATHLEY. |
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| 5 | 5 | | 1833H.01I JOSEPHENGLER,ChiefClerk |
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| 6 | 6 | | ANACT |
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| 7 | 7 | | Toamendchapter30,RSMo,byaddingtheretothreenewsectionsrelatingtocryptocurrency. |
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| 8 | 8 | | BeitenactedbytheGeneralAssemblyofthestateofMissouri,asfollows: |
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| 9 | 9 | | SectionA.Chapter30,RSMo,isamendedbyaddingtheretothreenewsections,tobe |
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| 10 | 10 | | 2knownassections30.1025,30.1027,and30.1030,toreadasfollows: |
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| 11 | 11 | | 30.1025.1.Asusedinthissection,thefollowingtermsmean: |
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| 12 | 12 | | 2 (1)"Bitcoin",thedecentralizeddigitalassetcreatedbyapeer-to-peernetwork, |
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| 13 | 13 | | 3whichoperateswithnocentralauthorityorbanks; |
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| 14 | 14 | | 4 (2)"Coldstorage",amethodofstoringprivatekeysrequiredtotransactin |
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| 15 | 15 | | 5Bitcoin,withanexustoasecurephysicallocation,protectedfromunauthorizedaccess |
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| 16 | 16 | | 6andisolatedfromanynetworkconnections; |
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| 17 | 17 | | 7 (3)"Cryptocurrency",atypeofvirtualcurrencythatutilizescryptographyto |
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| 18 | 18 | | 8securetransactionsthataredigitallyrecordedonadistributedledger,suchasa |
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| 19 | 19 | | 9blockchain; |
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| 20 | 20 | | 10 (4)"Custody",theholding,safeguarding,andmanagingofBitcoinassetsbythe |
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| 21 | 21 | | 11statetreasury; |
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| 22 | 22 | | 12 (5)"Donor",aMissouriresidentwhodonates,bequests,ordevisesBitcointothe |
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| 23 | 23 | | 13Bitcoinstrategicreservefund. |
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| 24 | 24 | | 14 2.(1)Thereisherebycreatedinthestatetreasurythe"BitcoinStrategic |
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| 25 | 25 | | 15ReserveFund",whichshallconsistofmoneyscollectedunderthissection.Thestate |
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| 26 | 26 | | 16treasurershallbecustodianofthefund.Inaccordancewithsections30.170and30.180, |
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| 27 | 27 | | 17thestatetreasurermayapprovedisbursements.Thefundshallbeadedicatedfundand |
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| 28 | 28 | | 18moneysinthisfundshallbeusedsolelyasprovidedinthissection. |
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| 29 | 29 | | EXPLANATION—Matterenclosedinbold-facedbrackets[thus] intheabovebillisnotenactedandis |
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| 30 | 30 | | intendedtobeomittedfromthelaw.Matterinbold-facetypeintheabovebillisproposedlanguage. 19 (2)Notwithstandingtheprovisionsofsection33.080tothecontrary,anymoneys |
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| 31 | 31 | | 20remaininginthefundattheendofthebienniumshallnotreverttothecreditofthe |
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| 32 | 32 | | 21generalrevenuefund. |
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| 33 | 33 | | 22 (3)Thestatetreasurershallinvestmoneysinthefundinthesamemanneras |
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| 34 | 34 | | 23otherfundsareinvested.Anyinterestandmoneysearnedonsuchinvestmentsshallbe |
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| 35 | 35 | | 24creditedtothefund. |
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| 36 | 36 | | 25 (4)Thetreasurermayacceptgifts,grants,donations,bequests,ordevisesof |
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| 37 | 37 | | 26BitcoinfromeligibleMissouriresidentsoragovernmentalentity. |
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| 38 | 38 | | 27 3.ThetreasurershallstoreallBitcoincollectedundersubsection2ofthissection |
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| 39 | 39 | | 28foraminimumoffiveyearsfromthedatethattheBitcoinentersthestate'scustody. |
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| 40 | 40 | | 29Afterthismandatoryperiod,theBitcoinmaybetransferred,sold,appropriated,or |
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| 41 | 41 | | 30convertedtoanothercryptocurrencyasdirectedbythestatetreasurer. |
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| 42 | 42 | | 31 4.Thestatetreasurershalldeveloppoliciesandprotocolstoensurethesecure |
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| 43 | 43 | | 32storageandprotectionofBitcoinheldinthefund,includingtheuseofsecurecustodial |
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| 44 | 44 | | 33technologies,coldstorage,andbestpracticesindigital-assetmanagement. |
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| 45 | 45 | | 34 5.Thestatetreasurershallprohibittransactionsinvolvingforeigncountries, |
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| 46 | 46 | | 35entitiesorindividualsoutsideofthisstate,orentitiesorindividualsknowntoengagein |
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| 47 | 47 | | 36illegalactivities. |
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| 48 | 48 | | 37 6.Thestatetreasurermaycontractwithaqualified,independent,UnitedStates- |
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| 49 | 49 | | 38based,third-partycryptocurrencyentitytoassistinthecreation,maintenance, |
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| 50 | 50 | | 39operation,andadministrationofthefund'ssecurity. |
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| 51 | 51 | | 40 7.Thestatetreasurershallconductregularauditsofthereservetoensure |
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| 52 | 52 | | 41transparencyandsecurity. |
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| 53 | 53 | | 42 8.Thestatetreasurershallprepareabiennialreport,tobepublishedbefore |
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| 54 | 54 | | 43Decemberthirty-firstofeacheven-numberedyearandmadeavailableonthestate |
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| 55 | 55 | | 44treasurer'swebsite.Thestatetreasurershallnotifythegeneralassemblywhenthe |
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| 56 | 56 | | 45reportispublished.Thereportshallinclude: |
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| 57 | 57 | | 46 (1)ThetotalamountofBitcoinheldinthefund; |
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| 58 | 58 | | 47 (2)ThedetailsoftheequivalentvalueofthefundinUnitedStatesdollars; |
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| 59 | 59 | | 48 (3)Thegrowthofthefundsincethepreviousreport; |
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| 60 | 60 | | 49 (4)Anytransactionsorexpendituresrelatedtothefundsincetheprevious |
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| 61 | 61 | | 50report; |
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| 62 | 62 | | 51 (5)Anysecuritythreatsthefundexperiencedsincethepreviousreport;and |
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| 63 | 63 | | 52 (6)TheamountofBitcoininthefundthat,afterthemandatoryfive-year |
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| 64 | 64 | | 53holdingperiod,iseligibletobeconvertedortransferred. |
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| 65 | 65 | | 54 9.Thestatetreasurershalldevelopastraightforwardprocesstofacilitate |
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| 66 | 66 | | 55BitcoincontributionsfromMissouriresidents.Thestatetreasurermayacceptagift, |
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| 67 | 67 | | HB1217 2 56grant,donation,bequest,ordeviseofBitcoinfromeligibleMissouriresidents.All |
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| 68 | 68 | | 57BitcoincontributionsshallbeheldintheBitcoinstrategicreservefundandmanagedin |
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| 69 | 69 | | 58accordancewiththeprovisionsofsubsection3ofthissection. |
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| 70 | 70 | | 59 10.Uponrequest,thestatetreasurershallissueacertificateofacknowledgment |
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| 71 | 71 | | 60toindividualsororganizationsthatdonateBitcointothefund.Thestatetreasurershall |
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| 72 | 72 | | 61alsoestablishaprogramtopubliclyhonorsignificantcontributionstothefund. |
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| 73 | 73 | | 62 11.Thestatetreasurershallhavethediscretiontodeterminetheeligibilityof |
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| 74 | 74 | | 63donors.Ifthestatetreasurerdeterminesthatadonorisineligible,thestatetreasurer |
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| 75 | 75 | | 64shallreturntheBitcointransferredtothefund. |
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| 76 | 76 | | 65 12.Thestatetreasurermaypromulgateallnecessaryrulesandregulationsfor |
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| 77 | 77 | | 66theadministrationofthissection.Anyruleorportionofarule,asthattermisdefined |
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| 78 | 78 | | 67insection536.010,thatiscreatedundertheauthoritydelegatedinthissectionshall |
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| 79 | 79 | | 68becomeeffectiveonlyifitcomplieswithandissubjecttoalloftheprovisionsofchapter |
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| 80 | 80 | | 69536and,ifapplicable,section536.028.Thissectionandchapter536arenonseverable |
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| 81 | 81 | | 70andifanyofthepowersvestedwiththegeneralassemblypursuanttochapter536to |
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| 82 | 82 | | 71review,todelaytheeffectivedate,ortodisapproveandannularulearesubsequently |
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| 83 | 83 | | 72heldunconstitutional,thenthegrantofrulemakingauthorityandanyruleproposedor |
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| 84 | 84 | | 73adoptedafterAugust28,2025,shallbeinvalidandvoid. |
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| 85 | 85 | | 30.1027.Thestatetreasurershallhavetheauthoritytoinvest,purchase,and |
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| 86 | 86 | | 2holdcryptocurrencyusingstatefunds. |
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| 87 | 87 | | 30.1030.Allgovernmentalentitiesshallacceptcryptocurrency,asapprovedby |
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| 88 | 88 | | 2thedepartmentofrevenue,forthepaymentofanytax,fee,cost,charge,assessment, |
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| 89 | 89 | | 3fine,orotherpaymentofexpenseowedtothegovernmentalentity.Thegovernmental |
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| 90 | 90 | | 4entitymayrequirethepayertopayanyservicefeesassociatedwiththecryptocurrency |
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| 91 | 91 | | 5transaction. |
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| 92 | 92 | | âś” |
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| 93 | 93 | | HB1217 3 |
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