Skip to content

CryptoVert Blockchain App for iOS

Bitcoin, NFTs, News, and more!

Primary Menu
  • Crypto
  • Blockchain
  • NFT’s
  • Videos
  • Download App
  • Home
  • Crypto
  • As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray
  • Crypto

As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray

cryptovert February 8, 2025 2 min read

As Utah became the first state to get a bill through a legislative chamber that would allow the investment of public money into crypto assets, lawmakers in two other states joined the hunt this week: Kentucky and Maryland.

Though broadly identified with the Republican-led charge toward a so-called “bitcoin strategic reserve” at the federal level, the states have moved their own measures, widely varied as to how each might invest state money into digital assets.

Utah’s bill to allow the state treasurer to put money into digital assets survived a tight vote in the Utah House of Representatives — advancing with just a three-vote margin — to head on Friday to the state senate. If it clears both chambers and is signed into law by the governor, the legislation would permit investing public money into stablecoins or cryptocurrency with a market cap of more than $500 billion, which is currently a single-name list: bitcoin.

The new bill in Maryland this week, introduced by Democrat Delegate Caylin Young, pushes for a bitcoin (BTC) strategic reserve, much like the one contemplated by U.S. Senator Cynthia Lummis. In Maryland, the reserve would be funded through revenue from the enforcement of gambling violations.

The legislation in Kentucky also landed this week, with two bills — so far — that would open state retirement funds for investment in digital assets exchange-traded funds. The bills would also throw up roadblocks for the use of central bank digital currencies (CBDCs).

Most of the state bills have steered clear of calling for new taxpayer money to be channeled into crypto.

Read More: U.S. Bitcoin Reserve May Be Coming, But States Are Winning the Race

Fifteen other states are weighing legislation in their current sessions, with others expected to follow, and another two states — Michigan and Wisconsin — already have portions of their retirement funds in crypto ETFs. The surge in state interest mostly developed after the election of President Donald Trump and his stated interest in a strategic stockpile of digital assets.

Trump issued an executive order calling for his administration’s crypto working group to examine the possibilities of a crypto stockpile for the U.S., though he’s stopped short of calling for a strategic bitcoin reserve.

Continue Reading

Previous: Startup Founded by Citi Alumni to Launch XRP-Backed Securities
Next: Why Is Ether Down Today? Market Fears and Growing Supply Help Fuel 5% Slide

Related Stories

Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill
3 min read
  • Crypto

Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill

July 1, 2025
Asia Morning Briefing: Are Distributed Compute Tokens Undervalued vs. CoreWeave (CRWV)?
4 min read
  • Crypto

Asia Morning Briefing: Are Distributed Compute Tokens Undervalued vs. CoreWeave (CRWV)?

July 1, 2025
Circle Applies for National Trust Bank Charter
2 min read
  • Crypto

Circle Applies for National Trust Bank Charter

July 1, 2025

You may have missed

Asia Morning Briefing: Are Distributed Compute Tokens Undervalued vs. CoreWeave (CRWV)?
4 min read
  • Crypto

Asia Morning Briefing: Are Distributed Compute Tokens Undervalued vs. CoreWeave (CRWV)?

July 1, 2025
Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill
3 min read
  • Crypto

Senator Seeks to Waive U.S. Taxes on Small-Scale Crypto Activity in Big Budget Bill

July 1, 2025
ETH Price Surges as $2.9B Inflows, EthCC, and Robinhood’s L2 Fuel Bullish Sentiment
2 min read
  • Crypto

ETH Price Surges as $2.9B Inflows, EthCC, and Robinhood’s L2 Fuel Bullish Sentiment

July 1, 2025
Circle Applies for National Trust Bank Charter
2 min read
  • Crypto

Circle Applies for National Trust Bank Charter

July 1, 2025
  • Crypto
  • Blockchain
  • NFT’s
  • Videos
  • Download App
Copyright © All rights reserved. | MoreNews by AF themes.