Rockford Sun

State Representative John M. Cabello, a Republican from Machesney Park, has introduced House Bill 1844 in the Illinois General Assembly. The bill aims to establish a Strategic Bitcoin Reserve for the state, marking an effort to place Illinois at the forefront of financial innovation by using Bitcoin as a long-term savings mechanism.

Cabello stated, "Illinois has a history of reckless spending and budget mismanagement," and emphasized the need for "smart financial planning that actually benefits taxpayers." He added that a Bitcoin reserve would offer Illinois protection against inflation through an asset that could increase in value over time.

The proposed legislation outlines the creation of a special fund within the state treasury dedicated solely to Bitcoin. It mandates a minimum five-year holding period to promote stability and growth. After this period, the state would have the option to transfer, sell, or convert its Bitcoin holdings, allowing flexibility in managing digital assets.

"With states like Texas and Wyoming leading the way in Bitcoin adoption, Illinois must modernize its approach to financial security," Cabello noted. He expressed hope that this proposal would help position Illinois for future financial success and ensure that its financial system works for taxpayers.

House Bill 1844 is currently being reviewed by the 104th General Assembly. For more information or questions regarding the bill, Representative Cabello can be contacted at 815-621-2196.

John M. Cabello serves as the Assistant Minority Leader and State Representative for Illinois’ 90th House District, which includes communities such as Rockford, Machesney Park, Freeport, Roscoe, Loves Park, Rockton, South Beloit, Caledonia, Durand, Rock City, and Rockton.