A growing wave of U.S. states are pursuing legislation to establish strategic Bitcoin reserves or enable crypto investments for public funds, opening a shift in state-level fiscal policy.
Out of 50 U.S. states, 16 have ongoing legislative considerations and varying statuses.
Utah stands out as the state closest to a potential implementation.
The state's Blockchain and Digital Innovation Amendments bill was passed and recommended on third reading by the Economic Development and Workforce Services Committee through the House, with a majority vote of 8 to 1 on January 28.
Utah's bill would authorize the state treasurer to allocate up to 5% of certain public funds to "qualifying digital assets," as long as they meet the main requirement of having over $500 billion in market capitalization, averaged over the past 12 months.
While the bill does not explicitly mention Bitcoin in its language, only Bitcoin categorically passes the core requirement in terms of market capitalization.
Dennis Porter, CEO of Satoshi Act Fund, pointed out this contention on X after Justin Bechler, a Bitcoin advocate, argued that Porter's characterization of the bill was misleading due to Utah's Money Transmitter Act.
On the Bitcoin trail
Though a total of 17 states have filed for similar proposals,North Dakota's proposal was notably rejected on February 4, according to data visualized by the Bitcoin Reserve Monitor.
Several other states are considering similar moves to allow Bitcoin or crypto for use in public funds.
State-level momentum continues building, with New Mexico becoming the latest entrant. Senator Anthony L. Thornton introduced the Strategic Bitcoin Reserve Act (SB275) on February 4, proposing a 5% allocation of public funds to Bitcoin.
Arizona's Senate Finance Committee has advanced similar legislation, passing SB1025 which would permit up to 10% of public funds, including pension systems, to invest in cryptocurrencies.
Wyoming and Massachusetts have also joined the race, with the latter opening its rainy day funds to be invested in Bitcoin or any digital asset for up to 10% of its stabilization fund.
Texas, meanwhile, has taken a different approach with dual proposals. The state has a Senate bill in the works that would allow up to 1% allocation from its general revenue fund balance.
It also has a separate House bill focused on Bitcoin donations, with provisions for crypto payment conversions to Bitcoin. So far, neither has advanced to law.
From Oklahoma and Missouri to New Hampshire, Pennsylvania, and Ohio, various states in the U.S. have either proposed or pending bills, with the legislative status of these bills across 16 participating states actively being tracked by Bitcoin Reserve Monitor.
Edited by Stacy Elliott.
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