- Maryland is planning to invest gambling violation funds in Bitcoin through a new legislative proposal.
- More U.S. states are considering Bitcoin as a financial asset for public funds and retirement investments.
- State-level Bitcoin investments are increasing as federal cryptocurrency policies remain uncertain.
Maryland has introduced a bill to establish a Bitcoin reserve fund. The Strategic Bitcoin Reserve Act will aim to allocate state funds from gambling violations into Bitcoin. Delegate Caylin Young supports this proposal because several U.S. states are currently investing in digital assets.
The bill would allow the state treasurer the authority to invest in Bitcoin. The state’s actions align with moves throughout the country considering Bitcoin as a financial asset. Lawmakers argue that Bitcoin could provide long-term value for state funds.
Other States Move Toward Bitcoin Investments
Multiple states are currently considering similar bills. Michigan and Wisconsin have started investing Public retirement funds through Bitcoin exchange-traded funds (ETFs). New Mexico introduced Senate Bill 57, to allocate 5% of public funds for Bitcoin investment. Utah’s House of Representatives approved a bill which enables the state to invest in specific cryptocurrency assets. The proposed bill awaits senate approval.
Kentucky has introduced House Bill 376, which allows the State Investment Commission to invest up to 10% of excess reserves into Bitcoin. The bill also bans the use of central bank digital currencies.
Iowa has followed suit with House File 246. This bill permits investments in Bitcoin and stablecoins. It caps digital asset investments at 5% of public funds at the time of investment.
Federal Discussions Influence State-Level Actions
The federal government has not enacted cryptocurrency legislation, but state-level initiatives continue to grow. President Donald Trump’s team is considering a national Bitcoin reserve. His executive order has influenced discussions on digital asset policies.
As of now, at least 22 states are evaluating Bitcoin reserves. Some have introduced bills, while others are actively debating investment strategies. The increasing interest in Bitcoin reflects a shift in financial planning. States are exploring alternative assets to strengthen their financial reserves.
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