Donald Trump and his political allies are plugging away at plans to stockpile Bitcoin at a nationwide stage within the U.S. Treasury.
And now, with the asset’s value repeatedly hovering to new peaks since Election Day, some U.S. states are following swimsuit.
Up to now, 9 states are fielding proposals to determine strategic Bitcoin reserves, whereas digital asset advocates are calling for different native governments to do the identical.
Here is which states are contemplating topping up their coffers with the world’s oldest and most beneficial digital forex.
Texas
Texas legislators will quickly weigh in on whether or not or not they need to set up a strategic Bitcoin reserve.
Texas State Consultant Giovanni Capriglione proposed a invoice in December 2024 that requires the Lone Star State to create a Bitcoin stockpile.
The draft laws stipulates that Texas should maintain the Bitcoin for no less than 5 years. The cryptocurrency have to be saved in chilly storage—that’s, on some sort of a tool that isn’t linked to the web—and the property can’t be used to make transactions outdoors of Texas, in line with the invoice.
“A strategic Bitcoin reserve aligns with Texas’s dedication to fostering innovation in digital property and offering Texans with enhanced monetary safety,” the invoice reads.
Lastly, the proposal additionally allows Texans to donate to the state’s Bitcoin fund.
Pennsylvania
The Pennsylvania Home of Representatives put forth a invoice in November 2024 that referred to as for the institution of a strategic Bitcoin reserve.
Below the Bitcoin invoice, Pennsylvania’s Treasurer would be capable to purchase Bitcoin with “as much as 10%” of the State Normal Fund, Wet Day Fund, and the State Funding Fund.
Tapping 10% of the State Normal Fund would enable the Pennsylvania Treasury to buy practically $1 billion value of Bitcoin.
“Bitcoin, which has appreciated considerably through the years, may help Pennsylvania preserve tempo with inflation and financial change,” the state’s lawmakers mentioned in a legislative memo printed on November 12.
Ohio
Ohio State Consultant Derek Merrin on December 17, 2024 proposed a invoice to set up a strategic Bitcoin reserve within the Buckeye State.
The Ohio Bitcoin Reserve Act requires the creation of a Bitcoin fund within the state Treasury. It additionally vests Ohio’s State Treasurer with discretionary energy to buy the asset.
“Ohio should embrace know-how and defend tax {dollars} from eroding,” Merrin mentioned Tuesday in an X put up.
Though some particulars of how the reserve will work stay unclear, the draft laws is predicted to function a framework for Ohio lawmakers to construct out in 2025.
New Hampshire
New Hampshire Rep. Keith Ammon set forth a invoice on January 10, 2025 to allow the state’s Treasury to put money into Bitcoin. Whereas Bitcoin isn’t talked about by title within the invoice, it is the one cryptocurrency that may presently be eligible primarily based on the excessive market cap necessities.
“We’re tied to the U.S. greenback, whether or not we prefer it or not, however this might enable us to have the state make investments a small portion into this uncorrelated, new asset class,” Ammon instructed Decrypt.
Below the invoice, New Hampshire’s treasurer would even have the authority to interact in “lending or staking” practices.
“The state that’s final to construct Bitcoin reserves will lose,” Ammon added. “It’s pressing that states act ahead of later, and that takes some training on the a part of state officers.”
North Dakota
North Dakota legislators put forth a decision on January 10, 2025 to take a position chosen state funds in digital property.
The preliminary decision will likely be adopted by dialogue, which might end in a correct invoice being drafted and submitted. No particular property are talked about within the transient decision, however North Dakota Legislative Council Director John Bjornson instructed Decrypt that such definitions can be “extra applicable for a invoice.”
Wyoming
In January, 5 Republican senators put forth a invoice that may allow Wyoming’s State Treasury to take a position public funds in Bitcoin.
As much as 3% of a number of state funds may very well be invested in Bitcoin, in line with the proposal. These embody the Wyoming Treasury’s basic fund, the everlasting Wyoming mineral belief fund, and the everlasting land fund.
Below the invoice, the Bitcoin can be held by the state treasurer by means of a safe custody answer, instantly by a certified custodian, or by means of investing in an ETF.
Massachusetts
In January, Massachusetts Senator Peter Duran submitted a invoice to determine a strategic Bitcoin reserve within the state’s Treasury.
Below the proposal, as much as 10% of Massachusetts’ wet day fund may very well be invested in Bitcoin or one other cryptocurrency. The draft laws requires the tokens to be held by means of a safe custody answer, by a certified custodian, or in an ETF issued by an funding firm.
The invoice additionally helps the loaning of that Bitcoin or digital property for the aim of producing further returns for the state, if it may be performed “with out growing the monetary threat to the commonwealth.”
Oklahoma
Oklahoma Rep. Cody Maynard put ahead a invoice in January that requires the state Treasury to take a position public funds in any digital asset that has averaged larger than a $500 billion market capitalization over the earlier calendar yr. The one cryptocurrency that matches that standards, as of this writing, is Bitcoin.
The invoice would additionally enable the state’s treasurer to buy asset-backed stablecoins. Below the draft laws, solely as much as 10% of the full quantity of public funds in a given state account may be invested in digital property, nonetheless.
Utah
Utah joined the rising development on January 20, with Consultant Jordan Teuscher introducing the “Blockchain and Digital Innovation Amendments” invoice (H.B. 230). If handed, it might allow the state treasury to place as much as 10% of its funds in direction of eligible crypto property, with funds pulled from a number of accounts—together with these tied to catastrophe restoration and Medicaid progress.
Like another payments on this checklist, Utah would require an asset to have a market cap of no less than $500 billion averaged over 12 months—and whereas the invoice would not explicitly point out Bitcoin, it is the one crypto asset that presently meets that demand.
Edited by and extra reporting from Andrew Hayward
Editor’s word: This story was initially printed on December 21, 2024 and final up to date with new particulars on January 26, 2025.
