Bill Text: IL HB1844 | 2025-2026 | 104th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Introduced) 2025-02-19 - Added Chief Co-Sponsor Rep. Travis Weaver [HB1844 Detail]

Download: Illinois-2025-HB1844-Introduced.html

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104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026 HB1844 Introduced , by Rep. John M. Cabello SYNOPSIS AS INTRODUCED:
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.
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A BILL FOR
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AN ACT concerning State government.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 1. Short title. This Act may be cited as the
Strategic Bitcoin Reserve Act.
Section 5. Findings and purpose. The General Assembly
finds as declares:
(1) bitcoin is a valuable digital asset with strategic
potential for enhancing the State's fiscal resilience;
(2) bitcoin's decentralized nature and finite supply
provide unique qualities that can serve as a hedge against
inflation and economic volatility; and
(3) a strategic bitcoin reserve aligns with Illinois'
commitment to fostering innovation in digital assets and
providing Illinoisans with enhanced financial security.
Section 10. Definitions. As used in this Act:
"Bitcoin" means the decentralized digital asset created by
a peer-to-peer network that operates with no central authority
or banks.
"Cold storage" means a method of storing private keys
required to transact in bitcoin, with a nexus to a secure
physical location, protected from unauthorized access and

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isolated from any network connections.
"Cryptocurrency" means a type of virtual currency that
utilizes cryptography to secure transactions that are
digitally recorded on a distributed ledger, such as a
blockchain.
"Custody" means the holding, safeguarding, and managing of
bitcoin assets by the State Treasurer.
"Donor" means an Illinois resident who gifts, grants,
donates, bequests, or devises bitcoin to be deposited into the
Strategic Bitcoin Reserve Fund.
"Fund" means the Strategic Bitcoin Reserve Fund.
"Governmental entity" means each officer, board,
commission, and agency created by the Constitution, whether in
the executive, legislative, or judicial branch of State
government; each officer, department, board, commission,
agency, institution, authority, university, and body politic
and corporate of the State; each administrative unit or
corporate outgrowth of State government that is created by or
pursuant to statute, including units of local government and
their officers, school districts, and boards of election
commissioners; and each administrative unit or corporate
outgrowth of the foregoing items and as may be created by
executive order of the Governor.
Section 15. Strategic Bitcoin Reserve Fund.
(a) The Strategic Bitcoin Reserve Fund is created as a

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special fund in the State treasury for the purpose of holding
bitcoin as a financial asset.
(b) The State Treasurer shall manage the Fund and shall
implement secure storage, management, and reporting systems
for the assets in the Fund.
(c) The State Treasurer may accept gifts, grants, and
donations of bitcoin from Illinois residents and governmental
entities for deposit into the Fund, subject to the limitations
described in subsection (b) of Section 20.
(d) 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. After this
period, the State Treasurer may transfer, sell, appropriate,
or convert to another cryptocurrency any bitcoin in the Fund.
Section 20. Management and security of the Fund.
(a) The State Treasurer shall develop policies and
protocols to ensure the secure storage and protection of
bitcoin held in the Fund, including the use of secure
custodial technologies, cold storage, and best practices in
digital asset management.
(b) The State Treasurer shall prohibit transactions
involving foreign countries, entities, or individuals outside
of Illinois, or entities or individuals known to engage in
illegal activities.
(c) The State Treasurer may contract with a qualified,

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independent, United States-based third-party cryptocurrency
entity to assist in the creation, maintenance, operation, or
administration of the Fund's security.
(d) The State Treasurer shall conduct regular audits of
the Fund to ensure transparency and security.
Section 25. Reporting requirements.
(a) The State Treasurer shall prepare a biennial report
including:
(1) the total amount of bitcoin held in the Fund;
(2) the equivalent value of the Fund in U.S. dollars;
(3) the growth of the Fund since the previous report;
(4) any transactions or expenditures related to the
Fund since the previous report;
(5) any security threats experienced since the
previous report; and
(6) the amount of bitcoin that, after the mandatory
5-year holding period, is eligible to be converted or
transferred.
(b) No later than December 31, 2026, and every 2 years
thereafter, the State Treasurer shall submit the report to the
General Assembly and publish the report on the State
Treasurer's website.
Section 30. Voluntary donations of bitcoin by Illinois
residents.

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(a) The State Treasurer may accept a gift, grant,
donation, bequest, or devise of bitcoin from Illinois
residents for deposit into the Strategic Bitcoin Reserve Fund.
(b) The State Treasurer shall develop a donation process
to facilitate bitcoin contributions from Illinoisans.
(c) All bitcoin donations shall be held in the Strategic
Bitcoin Reserve Fund and managed under the same protocols as
other assets in the State treasury.
(d) Upon request, the State Treasurer may issue a
certificate of acknowledgment to individuals or organizations
donating bitcoin for deposit into the Fund.
(e) The State Treasurer may also establish a recognition
program to publicly honor significant contributions to the
Fund made by Illinoisans.
(f) The State Treasurer shall have the discretion to
determine the eligibility of donors. If the State Treasurer
determines that a donor is ineligible, the State Treasurer
shall establish a process to return any bitcoin transferred to
the Fund to the ineligible donor.
Section 35. Cryptocurrency conversion.
(a) A State agency that accepts cryptocurrency shall first
convert the accepted cryptocurrency to an equivalent value of
bitcoin, if necessary, before transferring the bitcoin to the
State Treasurer to deposit into the Fund.
(b) The State Treasurer shall adopt rules to compensate

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State agencies in United States dollars for the bitcoin that
the State agency transfers to the State Treasurer for deposit
into the Fund.
Section 40. Rulemaking. The State Treasurer may adopt
rules necessary to administer this Act, including, but not
limited to, security protocols, reporting standards, and
donation procedures.
Section 90. The State Finance Act is amended by adding
Section 5.1030 as follows:
(30 ILCS 105/5.1030 new)
Sec. 5.1030. The Strategic Bitcoin Reserve Fund.
Section 99. Effective date. This Act takes effect upon
becoming law.