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SECOND REGULAR SESSION
HOUSE COMMITTEE SUBSTITUTE FOR
HOUSE BILL NO. 2080
103RD GENERAL ASSEMBL Y
4080H.02C JOSEPH ENGLER, Chief Clerk
AN ACT
T o amend chapter 30, RSMo, by adding thereto three new sections relating to digital assets,
with a contingent ef fective date.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 30, RSMo, is amended by adding thereto three new sections, to be
2 known as sections 30.1025, 30.1027, and 30.1030, to read as follows:
30.1025. 1. As used in sections 30.1025 to 30.1030, the following terms mean:
2 (1) "Bitcoin", the decentralized digital asset cr eated by a peer -to-peer network,
3 which operates with no central authority or banks;
4 (2) "Blockchain", data that is:
5 (a) Shar ed acro ss a network to creat e a ledger of verified transactions or
6 information among network participants linked using cryptography to maintain the
7 integrity of the ledger and to execute other functions; and
8 (b) Distributed among network participants in an automated fashion to
9 concurr ently update network participants on the state of the ledger and any other
10 functions;
11 (3) "Blockchain pro tocol", any executable software deployed to a blockchain
12 composed of source code that is publicly available and accessible including, but not
13 limited to, a smart contract or any network of smart contracts;
14 (4) "Cold storage", a method of storing private keys requi red to transact in
15 digital assets with a nexus to a secure physical location, protecte d fr om unauthorized
16 access and isolated fr om any network connections;
17 (5) "", a type of virtual curren cy that utilizes cryptography to secure
18 transactions that ar e digitally rec orded on a distributed ledger , such as a blockchain.
EXPLANA TION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law . Matter in bold-face type in the above bill is proposed language.
19 The term "cryptocurrency " includes Bitcoin, Solana, Ether eum, Ripple XRP , and
20 USDC (USD Coin);
21 (6) "Custody", the holding, safeguarding, and managing of digital assets by the
22 state tr easury;
23 (7) "Digital asset", virtual curr ency , cryptocurr encies, natively electr onic assets
24 including stablecoins and nonfungible tokens, and other digital-only assets that confer
25 economic, prop rietary , or access rights or powers;
26 (8) "Donor", a Missouri r esident who donates, bequests, or devises digital assets
27 to the cryptocurr ency strategic res erve fund;
28 (9) "Node", a computational device that does any of the following:
29 (a) Communicates with other devices or participants on a blockchain to
30 maintain consensus and integrity of that blockchain;
31 (b) Creat es and validates transaction blocks; or
32 (c) Contains and updates a copy of a blockchain.
33
34 A node does not exercise discret ion over transactions initiated by the end user of the
35 blockchain pro tocol;
36 (10) "Stablecoin", a digital asset that:
37 (a) Is issued by a corporation;
38 (b) Is backed by dollars or high-quality liquid assets;
39 (c) Is redeemabl e on demand by the holder at par for United States dollars; and
40 (d) Has r eceived appr opriate regu latory appr oval fr om:
41 a. The United States of America; or
42 b. A state of the United States of America;
43 (1 1) "Staking", using a node to lock digital assets in order to operate the
44 consensus mechanism of a blockchain protocol.
45 2. (1) There is her eby cr eated in the state tr easury the "Cryptocurre ncy
46 Strategic Reserve Fund", which shall consist of moneys collected under this section.
47 The state tr easurer shall be custodian of the fund. In accordance with sections 30.170
48 and 30.180, the state trea sur er may appr ove disbursements. The fund shall be a
49 dedicated fund and moneys in this fund shall be used solely as pr ovided in this section.
50 (2) Notwithstanding the pro visions of section 33.080 to the contrary , any moneys
51 r emaining in the fund at the end of the biennium shall not r evert to the credit of the
52 general reven ue fund.
53 (3) The state tre asurer shall invest moneys in the fund in the same manner as
54 other funds ar e invested. Any interes t and moneys earned on such investments shall be
55 cr edited to the fund.
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56 (4) The state tr easur er may accept gifts, grants, donations, bequests, or devises
57 of digital assets fr om eligible Missouri res idents or a governmental entity .
58 3. The state tr easurer shall stor e all digital assets collected under subsection 2 of
59 this section for a minimum of five years fr om the date that the digital asset enters the
60 state's custody . After this mandatory period, the digital assets may be transferr ed, sold,
61 appr opriated, or converted to another digital asset or cryptocurr ency as dir ected by the
62 state tr easurer .
63 4. The state trea sur er may engage in staking of qualifying digital assets if:
64 (1) The state tr easurer's office ret ains legal ownership of the digital assets; and
65 (2) The staking is conducted using a third-party solution.
66 5. The state tr easurer shall develop policies and pro tocols to ensur e the secure
67 storage and pr otection of digital assets held in the fund, including the use of secure
68 custodial technologies, cold storage, and best practices in digital asset management.
69 6. The state tre asurer shall pro hibit digital asset transactions involving for eign
70 countries, entities or individuals outside of this state, or entities or individuals known to
71 engage in illegal activities.
72 7. The state tr easur er may contract with a qualified, independent, United States-
73 based, third-party digital asset entity to assist in the crea tion, maintenance, operation,
74 and administration of the fund's security .
75 8. The state tr easurer shall conduct regu lar audits of the res erve to ensur e
76 transpar ency and security .
77 9. The state tr easure r shall pr epar e a biennial r eport, to be published before
78 December thirty-first of each even-number ed year and made available on the state
79 tr easur er's website. The state tr easur er shall notify the general assembly when the
80 r eport is published. The report shall include:
81 (1) The total amount of digital assets held in the fund;
82 (2) The details of the equivalent value of the fund in United States dollars;
83 (3) The gr owth of the fund since the pr evious repo rt;
84 (4) Any transactions or expenditures rela ted to the fund since the pr evious
85 r eport;
86 (5) Any security thr eats the fund experienced since the pr evious r eport; and
87 (6) The amount of digital assets in the fund that, after the mandatory five-year
88 holding period, is eligible to be converted or transferred .
89 10. The state tr easurer shall develop a straightforward pr ocess to facilitate
90 digital asset contributions fr om Missouri res idents. The state tr easurer may accept a
91 gift, grant, donation, bequest, or devise of digital assets fr om eligible Missouri res idents.
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92 All digital asset contributions shall be held in the cryptocurr ency strategic res erve fund
93 and managed in accordance with the provi sions of subsection 3 of this section.
94 1 1. Upon reque st, the state tr easure r shall issue a certificate of acknowledgment
95 to individuals or organizations that donate digital assets to the fund. The state tre asurer
96 shall also establish a pr ogram to publicly honor significant contributions to the fund.
97 12. The state tr easurer shall have the discret ion to determine the eligibility of
98 donors. If the state tr easurer determines that a donor is ineligible, the state tre asurer
99 shall r eturn the digital asset transferr ed to the fund.
100 13. The state tr easur er shall have the authority to invest, pur chase, and hold
101 digital assets using state funds.
102 14. The state tr easurer may promulg ate all necessary rules and r egulations for
103 the administration of this section. Any rule or portion of a rule, as that term is defined
104 in section 536.010, that is creat ed under the authority delegated in this section shall
105 become effective only if it complies with and is subject to all of the provi sions of chapter
106 536 and, if applicable, section 536.028. This section and chapter 536 are nonseverable
107 and if any of the powers vested with the general assembly pursuant to chapter 536 to
108 r eview , to delay the effective date, or to disappr ove and annul a rule are subsequently
109 held unconstitutional, then the grant of rulemaking authority and any rule pr oposed or
110 adopted after August 28, 2026, shall be invalid and void.
30.1027. 1. All governmental entities shall accept digital assets, as appr oved by
2 the department of r evenue, for the payment of any tax, fee, cost, charge, assessment,
3 fine, or other payment of expense owed to the governmental entity . The governmental
4 entity may requ ire the payer to pay any service fees associated with the digital asset
5 transaction.
6 2. A person who owes any fees or tax obligations to a political subdivision or to
7 the state of Missouri shall use USDC or stablecoin that is equal to the value of the United
8 States dollar as the method of payment to satisfy the taxes or fees owed. After payment
9 of the fees and tax obligations, the balance amount may be converted to Ether eum,
10 Solana, Ripple XRP , USDC, or Bitcoin at the discr etion of the state tr easurer .
30.1030. 1. The state shall not pr ohibit an individual fr om:
2 (1) Operating a node for the purpose of connecting to a blockchain pro tocol or a
3 pr otocol built on top of a blockchain protocol and transferring digital assets on a
4 blockchain pro tocol; or
5 (2) Participating in staking on a blockchain pr otocol.
6 2. No business offering to pro vide staking services for individuals or to other
7 businesses shall be consider ed as offering a security or investment contract under state
8 law .
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9 3. Notwithstanding any other pr ovision of law to the contrary , no individual or
10 entity shall face liability relat ed to a specific transaction mer ely by validating such
11 transaction if such individual or entity pr ovides staking services for individuals or other
12 businesses.
Section B. Section A of this act shall become ef fective only upon the passage and
2 approval by the voters of a constitutional amendment submitted to them by the general
3 assembly regarding the state treasurer's ability to invest in other reasonable and prudent
4 financial instruments and securities.
✔
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