When Utah became the first state to receive a bill through a legislative chamber that would provide investment in public money for crypto assets, legislators in two other states ended hunting this week: Kentucky and Maryland.
Although it is widely identified with the Republican-led charges against a so-called “Bitcoin Strategic Reserve” at the federal level, states have moved their own measures that vary how each one can invest state money for digital assets.
Utah’s bill to allow Treasurers to put money into digital assets survived a tight vote in Utah Representant House-and went ahead with only a three-voic-to-go on Friday to the State Senate. If it clears both chambers and is signed in the law of the governor, the legislation would allow to invest public money in stablecoins or cryptocurrency with a market share of more than $ 500 billion, which is currently a single name list: Bitcoin.
The new bill in Maryland this week introduced by the Democrat delegate Caylin Young is pressing for a Bitcoin (BTC) strategic reserve, as well as the one considered by US senator Cynthia Lummis. In Maryland, the reserve would be financed through revenue from the enforcement of gaming violations.
The Kentucky legislation also landed this week with two bills-to-further-there would open state pension funds for investment in exchange-traded funds for digital assets. The bills will also throw road barriers for the use of Central Bank Digital Currencies (CBDCS).
Most of the state bills have managed to demand that new taxpayers’ money be channeled to crypto.
Read more: US Bitcoin Reserve may come, but states win the race
Fifteen other states weigh legislation in their current sessions, where others are expected to follow, and two more states – Michigan and Wisconsin – already have parts of their pension funds in crypto -Tfs. The wave in the state’s interest, which was mostly developed after the election of President Donald Trump and his declared interest in a strategic storage of digital assets.
Trump issued an executive order calling for his administration crypto work group to explore the possibilities of a crypto storage for the United States, though he has stopped demanding a strategic Bitcoin Reserve.
