US States Race to Establish Crypto Reserves

Statewide Crypto Adoption: Which US States Want A Crypto Reserve?

In a move that signals growing interest in cryptocurrencies, several US states are exploring the possibility of establishing their own crypto reserves. This comes on the heels of US President Donald Trump's directive to explore the benefits of a national digital asset reserve, following his election pledge to establish a strategic national bitcoin reserve.

While a national reserve is still in the works, state legislatures have proposed bills to develop their own crypto reserves. None have made it into law yet, but the number of proposals indicates a heightened interest in cryptocurrencies at the state level.

Wyoming, often referred to as the most Bitcoin-friendly state, proposed a bill allowing state funds to invest in Bitcoin. The bill, introduced by Bitcoin-friendly Senator Cynthia Lummis, did not advance through the Minerals Committee. However, Florida has already invested in cryptocurrency assets through its pension fund, with crypto lobbyist and head of the Florida Blockchain Business Association Samuel Armes expressing confidence that these investments will increase.

Illinois, on the other hand, has had crypto bills introduced with little chance of passage. These bills are often introduced by minority party legislators to draw attention to key issues of their donors or constituents.

The bigger picture reveals that 24 states have considered or proposed bills to ease or increase public investment in cryptocurrency. The fate of government-supported cryptocurrency reserves will be decided by the success or failure of these legislative proposals in the United States.