Maryland Proposes Bitcoin Reserve Act

Maryland Proposes Strategic Bitcoin Reserve Act

The state of Maryland has introduced a bill that aims to integrate Bitcoin into its economic strategy by allocating funds from gambling violations into the cryptocurrency as part of its reserve assets. The legislation, known as the Strategic Bitcoin Reserve Act, was introduced by Caylin Young, a member of the Maryland House of Delegates.

This move by Maryland aligns with a growing trend among U.S. states to consider Bitcoin a strategic asset. Just a few days prior, David Sacks, the Crypto & AI Czar, revealed plans to explore a Strategic Bitcoin Reserve, which aligns with Trump’s executive order to explore a national digital asset reserve.

State-level interest in Bitcoin reserves has been surging across the United States. Over 22 states are proposing, debating, or actively investing in digital assets. In a more progressive move, Michigan and Wisconsin have already allocated portions of their retirement funds into Bitcoin exchange-traded funds (ETFs).

While federal legislation on digital assets has not yet passed, state-level initiatives continue to progress significantly. For example, New Mexico recently introduced Senate Bill 57 (SB57) to establish a Strategic Bitcoin Reserve, recommending allocating 5% of public funds to Bitcoin as an alternative investment.

Meanwhile, the Utah House of Representatives passed House Bill 230 (HB 230), the Strategic Bitcoin Reserve bill, by a narrow vote of 38-34, with 3 abstentions. If approved, the law would allow investments in stablecoins and cryptocurrencies with a market value of over $500 billion, with Bitcoin currently being the only qualifying cryptocurrency.

The passage of this bill in the Utah House shows growing legislative support for cryptocurrency investments. As states continue to explore the potential of Bitcoin and other digital assets, the future of cryptocurrency integration in the U.S. economy remains an exciting and evolving landscape.