Illinois has proposed a Bitcoin reserve, joining other states exploring similar initiatives. State Representative John Cabello introduced House Bill 1844 (HB1844), which aims to create a Strategic Bitcoin Reserve Fund under the state treasury. If approved, the Illinois State Treasurer would oversee the fund, with deposits required to be held for a minimum of five years before the state may convert or sell any Bitcoin. The bill facilitates accepting Bitcoin donations from residents, positioning Illinois among the first states to consider such crypto contributions in public finance. Moreover, it mandates regular audits and reports on the fund’s Bitcoin and its dollar equivalent, ensuring stringent security by requiring cold storage for holdings. Amid rising interest in Bitcoin as a national asset, other states like Indiana and Texas are also advancing similar legislative efforts. These proposals come as a response to renewed governmental interest in cryptocurrency and its incorporation into public financial strategies.

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