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@ FLASH⚡️
2025-02-23 16:14:35
⚡️ANALYSIS: HB 429 failed in the House, largely due to fiscal conservative opposition.
Critics objected to using General Fund money, calling it "speculation with taxpayer dollars".
An amendment to fund the bill with ARPA interest (instead of General Funds) failed, after lawmakers questioned whether those funds could be legally used.
Concerns over oversight also played a role.
Lawmakers asked how the investments would be tracked, with one stating, “Seems a foolhardy way to think about taxpayer dollars.”
Another warned, “I did not come here to give the Board of Investment discretion to invest in non-fungible tokens and cryptocurrencies.”
Despite arguments that digital assets could provide strong returns, too many Republicans joined the opposition, and the bill was rejected.