Maryland has introduced the Strategic Bitcoin Reserve Act, proposing to invest state funds from gambling violations into Bitcoin.
Maryland Moves to Establish State Bitcoin Reserve
Maryland has proposed a new law called the Strategic Bitcoin Reserve Act to create a Bitcoin reserve fund for the state. Sponsored by Delegate Caylin Young, the bill suggests using money from gambling fines to invest in Bitcoin. This reflects a trend where more U.S. states are looking into investing in digital assets.
If approved, the law would allow the state governor to invest these funds in Bitcoin as a way to manage the state’s finances. This move is similar to what other state governments are doing around the country by looking at Bitcoin as a possible safe investment.
Maryland’s idea comes at a time when there are growing talks about using digital assets in public financial planning.
The federal government is showing interest in Bitcoin reserves. A new report says that David Sacks, who is in charge of cryptocurrency for Donald Trump, is looking into the possibility of creating a national Strategic Bitcoin Reserve. This is a top priority for Trump’s administration after an executive order to evaluate digital asset reserves.
More and more states are interested in Bitcoin reserves. At least 22 states are talking about, proposing laws, or investing in digital assets. Michigan and Wisconsin have invested some of their retirement funds in Bitcoin ETFs, showing more trust in digital assets as a way to invest.
New Mexico has presented Senate Bill 57, proposed by Senator Ant Thornton. This bill plans to invest 5% of public funds in Bitcoin as a new investment option. If approved, the reserve would be handled by the State Investment Officer, who would be supervised by the State Investment Council.
Utah and Kentucky Advance Cryptocurrency Investment Bills
In Utah, lawmakers have made progress on digital assets. The state’s House of Representatives has approved a plan that allows the state treasurer to invest in certain cryptocurrencies.
The bill is waiting for Senate approval and would let people trade in stablecoins and cryptocurrencies that have a market value of over $500 billion.
Right now, only Bitcoin meets this requirement. The House’s approval shows more lawmakers are supporting investment plans that use cryptocurrency.
Kentucky has suggested a new bill, KY HB376, that would allow the State Investment Commission to invest up to 10% of extra state money in Bitcoin and other cryptocurrencies.
The plan limits the use of central bank digital currencies (CBDCs) in Kentucky, showing the state’s stance on the national discussion about digital assets.
