In 2025, a wave of legislative initiatives for Bitcoin strategic reserves swept across various states in the United States, becoming the latest battleground for the collision between the cryptocurrency industry and the traditional financial system. According to statistics, more than 20 states out of the 50 in the U.S. have proposed or are considering legislation related to Bitcoin reserves, covering aspects such as public fund allocation, tax incentives, and regulatory frameworks. Analysts point out that the approval of Bitcoin ETFs and the increase in institutional adoption are driving states to accelerate their strategic reserve plans for crypto assets, aiming to gain a competitive edge in the future digital economy.
Odaily Planet Daily has compiled the latest progress updates on strategic reserves from various states for readers.
What are the steps for U.S. states to establish Bitcoin strategic reserves?
If a state in the U.S. wishes to establish a Bitcoin strategic reserve, it must go through a complete legislative and administrative process to ensure the legality and enforceability of the plan. This process is divided into four steps:
Step 1: First, the legislative proposal needs to be drafted by state legislators or relevant committees and submitted to the state legislature. The bill includes specific goals for the Bitcoin reserve, sources of funding, methods of purchase and management, and other details. After the proposal is introduced, it is typically assigned to the state legislature's finance or economic development committee for detailed review, and hearings may be held to gather opinions from various parties.
Step 2: Next, the bill must be voted on by both chambers of the state legislature (if the state has a bicameral system). First, the state House of Representatives will discuss and vote on it; if it passes by a majority, it will be submitted to the Senate for further review and voting. Some states may have the reverse process. After both chambers approve, the bill can enter the final approval stage. Readers should note that all references to the House of Representatives and the Senate in this article refer to the state’s House and Senate. Generally, state-level legislation does not require approval from the federal Senate and House.
Step 3: Once both chambers of the state legislature pass the bill, it will be sent to the governor for signature. If the governor agrees and signs it, the bill officially becomes law, and the state government can initiate the implementation of the Bitcoin strategic reserve. If the governor vetoes it, the legislature can revise it or attempt to override the veto with a higher vote count (usually a two-thirds majority).
Step 4: Once the bill takes effect, the state government will designate relevant agencies to execute the reserve plan, typically managed by the state treasury or a specially established fund management department. They need to develop specific purchasing strategies, choose appropriate custody methods (such as third-party custody or self-custody), and ensure the security of the reserve funds. At the same time, the state government needs to establish transparent regulatory and auditing mechanisms to regularly report the status of the Bitcoin reserves to the public or legislative bodies.
If any step above encounters issues, the Bitcoin reserve bill will not pass in that state.
On March 1, Cynthia Lummis, chair of the U.S. Senate Banking Committee's Digital Assets Subcommittee, revealed in an interview with Fox Business that the federal-level Bitcoin strategic reserve plan "lacks sufficient support" and may be difficult to implement in the short term. "Currently, there are not enough candidates in the House and Senate to push this forward," she stated, "In contrast, the state-level legislative process is clearly faster."
State Progress: Which states are moving the fastest?
Arizona
On February 28, 2025, two Bitcoin reserve bills (SB 1025, etc.) passed in the Arizona Senate with a vote of "17-11-2" and are currently under review in the House of Representatives. If ultimately approved, the state will become one of the first in the nation to include Bitcoin in public reserves.
Texas
On February 27, the Texas Bitcoin reserve bill was officially submitted for Senate review. Previously, the proposal had passed the technical review by the state’s Business and Commerce Committee, with its core content allowing state treasury funds to be allocated to Bitcoin assets.
Oklahoma
On February 26, the Strategic Bitcoin Reserve Act (HB 1203) in Oklahoma passed a vote in the House committee and entered the full voting stage. The bill proposes to invest up to 10% of public funds in Bitcoin or digital assets with a market capitalization exceeding $500 billion, seen as the boldest crypto policy attempt among conservative states.
Ohio
On the same day, Ohio's Strategic Bitcoin Reserve Act passed committee review, leaving only the full Senate vote before final legislation. If passed, the state pension system may become a long-term holder of Bitcoin.
Georgia
On February 24, Georgia proposed a second Bitcoin reserve bill (SB 228), aiming to remove the state’s investment limit on Bitcoin, allowing the government to allocate unlimited BTC assets. Previously, the state had passed its first related bill in 2024, and this revision is interpreted as a signal of "fully embracing Bitcoin."
Except for Georgia, all other bills are in the execution stage of Step 2, with some states having already passed votes in one of the chambers. After the voting in Step 2 concludes, the governor will choose to sign it into law.
Obstacles and Opposition: Details on Five States' Bitcoin Reserve Bills Failing
Montana
Montana's House Bill 429 (HB 429) was introduced in late January 2025, advocating for the allocation of up to $50 million of public funds to Bitcoin, stablecoins, and precious metals. Although the bill's sponsor, Representative Curtis Schomer, emphasized that this move could "diversify state asset risks and achieve higher returns," the bill was not passed in the House vote on February 21, with 59 votes against and 41 in favor.
South Dakota
South Dakota's HB 1202 bill proposed to invest 10% of public funds in Bitcoin but was defeated in the House Commerce and Energy Committee vote on February 24, with 9 votes against and 3 in favor. The bill's sponsor, Representative Logan Manhart, argued that Bitcoin could combat inflation, but state investment officer Matt Clark strongly opposed it, citing "excessive volatility." Subsequently, South Dakota effectively rejected HB 1202 in the legislative session on February 25 by postponing it for "consideration on the 41st day" (the actual session lasts only 40 days), clearly refusing to include Bitcoin in official investment options.
North Dakota
North Dakota's HB 1184 bill aimed to explore the feasibility of establishing a Bitcoin reserve but was not passed in the House with 57 votes against and 32 in favor. However, the state legislature is still reviewing a resolution proposed by Republicans to allow state treasury investments in digital assets and precious metals. This resolution has passed the second reading in the House and is currently under further discussion by the Senate Industry and Business Committee.
Pennsylvania
Pennsylvania's HB 2664 bill proposed to invest up to 10% of state funds in Bitcoin, allowing asset allocation through secure custody solutions or Bitcoin ETFs. This proposal, co-sponsored by Republican legislators Michael Cabell and Aaron Kaufer, has been effectively shelved due to significant opposition since its introduction in November 2024.
Wyoming
Wyoming's Bitcoin reserve bill was introduced in mid-January 2025, advocating for a 3% investment of the state’s general fund, mineral trust fund, and land fund in Bitcoin. However, in the state committee vote on February 6, only 1 out of 8 members supported it, leading to the bill's failure. Legislative records indicate that opponents expressed concerns about "the incompatibility of digital assets with the traditional financial system."
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
