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69th Legislature 2025 HB 429.1
- 1 - Authorized Print Version – HB 429
1 HOUSE BILL NO. 429
2 INTRODUCED BY C. SCHOMER, W. GALT, E. ALBUS, R. GREGG, E. TILLEMAN, D. ZOLNIKOV, N. NICOL,
3 G. LAMMERS, M. YAKAWICH, S. FITZPATRICK, B. LER, G. OBLANDER, K. ZOLNIKOV, L. BREWSTER, B.
4 MITCHELL, G. NIKOLAKAKOS, S. ESSMANN
5
6 A BILL FOR AN ACT ENTITLED: “AN ACT CREATING A STATE SPECIAL REVENUE ACCOUNT FOR
7 INVESTMENT IN PRECIOUS METALS AND DIGITAL ASSETS AS DETERMINED BY THE BOARD OF
8 INVESTMENTS; PROVIDING DEFINITIONS; PROVIDING FOR A TRANSFER; AND PROVIDING AN
9 EFFECTIVE DATE.”
10
11 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
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13 NEW SECTION. Section 1. [Sections 1 through 4] may be cited as the "Inflation
14 Protection Act of 2025".
15
16 NEW SECTION. Section 2. As used in [sections 1 through 4], unless the context clearly
17 indicates otherwise, the following definitions apply:
18 (1) "Digital asset" means virtual currencies, cryptocurrencies, native electronic assets, including
19 stablecoins and nonfungible tokens, and other digital-only assets that confer economic, proprietary, or access
20 rights or powers.
21 (2) "Exchange-traded product" means a financial instrument that is approved by the securities and
22 exchange commission, the commodities future trading commission, or the state securities commissioner that is
23 traded on an American regulated exchange and derives its value from an underlying pool of assets, such as
24 stocks, bonds, commodities, or indexes.
25 (3) "Precious metal" means the following, whether in coin, bullion, or other form:
26 (a) silver;
27 (b) gold; and
28 (c) platinum. ****
69th Legislature 2025 HB 429.1
- 2 - Authorized Print Version – HB 429
1 (4) "Qualified Custodian" means a federal or state-chartered bank, trust company, or special
2 purpose depository institution or a company regulated by the state that provides custody for digital assets for an
3 approved exchange-traded product.
4 (5) "Stablecoin" means a digital asset that is used by a corporation backed by dollars or high-
5 quality liquid assets and is redeemable on demand by the holder in part for a fixed monetary value in equivalent
6 Unites States dollars.
7
8 NEW SECTION. Section 3. (1) There is
9 an Inflation Protection Act state special revenue account within the state special revenue fund provided for in
10 17-2-102 that must be invested by the board as part of the unified investment program.
11 (2) The account is funded by legislative transfers and is subject to legislative transfers.
12 (3) Any proceeds from the investment of funds in this account must remain in the account.
13
14 NEW SECTION. Section 4. The board of investments is authorized to
15 invest the funds in the account provided for in [section 3] in precious metals, digital assets with a market cap of
16 over $750 billion averaged over the previous calendar year, and stablecoins. These funds must be held by a
17 qualified custodian or through an exchange-traded fund.
18
19 NEW SECTION. Section 5. By July 15, 2025, the state treasurer shall transfer up
20 to $50 million from the general fund to the account provided for in [section 3].
21
22 NEW SECTION. Section 6. [Sections 1 through 4] are intended to be
23 codified as an integral part of Title 17, chapter 1, and the provisions of Title 17, chapter 1, apply to [sections 1
24 through 4].
25
26 NEW SECTION. Section 7. [This act] is effective July 1, 2025.
27 - END -