Overview

Utah has successfully advanced a bill permitting the investment of public funds in cryptocurrencies, with Kentucky and Maryland now looking to join the movement. As it stands, a total of 18 states are pursuing legislation regarding digital assets.

What You Need to Know

• Utah’s bill requires approval from both the state senate and the governor to proceed.
• Maryland’s new proposal, introduced by Delegate Caylin Young, aims to establish a strategic bitcoin reserve. This would be funded through gambling violation enforcement revenue and draws similarities to a similar concept proposed by U.S. Senator Cynthia Lummis.
• Kentucky is working through two bills aimed at opening state retirement funds to cryptocurrency exchange-traded funds, while attempting to limit the usage of central bank digital currencies (CBDCs).

The movement towards crypto investment by states has increased significantly since Donald Trump’s presidency, driven by interest in establishing a national digital assets reserve.

Conclusion

Utah takes the lead as more states consider the potential of digital assets for public investment, signaling a significant shift in the legislative landscape surrounding cryptocurrencies.