The federal trend of establishing cryptocurrency reserves is gaining momentum at the state level in the U.S., with related legislative proposals introduced in 33 states.
According to Bitcoin Laws, legislative initiatives regarding the creation of reserves based on Bitcoin and other digital assets are proposed in 33 U.S. states. Moreover, lawmakers introduced five federal bills on the matter. Currently, the service tracks 18 active bills addressing this issue.
Another platform, Bitcoin Reserve Monitor, reports that discussions on state-level crypto reserves are ongoing in 21 states. Out of these, seven bills focus entirely on Bitcoin, while two others partially address BTC.
Notably, five states, Montana, Pennsylvania, Wyoming, North Dakota, and South Dakota, rejected initiatives to establish Bitcoin reserves. Meanwhile, in Texas and Utah, the respective bills were approved by state legislatures and sent to the governors for final approval.
In Utah, lawmakers approved the bill but removed a provision that would allow the state treasurer to invest up to 5% of reserve funds in digital assets with a market cap exceeding $500 billion within a calendar year. Instead, the legislation grants Utah residents the legal right to mine BTC, run Bitcoin network nodes, and participate in Bitcoin staking.
The Texas bill, now awaiting the governor’s approval, retains the provision allowing investments in digital assets with a market cap exceeding $500 billion within a calendar year.
The trend of state-level Bitcoin reserves gained momentum following Donald Trump’s victory in the presidential election. During his campaign, Trump promised to establish the Strategic Bitcoin Reserve at the federal level, a promise he fulfilled.
