Illinois has taken a significant step towards integrating crypto into its financial framework with the introduction of House Bill 1844 (HB1844). The bill, proposed by State Representative John Cabello, seeks to establish a state-run Bitcoin reserve that would function as a special fund within the state treasury.
One of the key provisions of HB1844 mandates a five-year holding period for any Bitcoin deposited into the fund. According to the bill’s text, the State Treasurer must retain custody of the Bitcoin for a minimum of five years.
Only after this period would the state treasury be permitted to transfer, sell, or convert the Bitcoin into another crypto.