Several U.S. states are advancing legislation to allocate public funds into cryptocurrencies, inspired by proposals from former President Donald Trump for a federal crypto reserve. Texas has emerged as a frontrunner in this initiative.
Key Points:
- Texas and New Hampshire are moving ahead with bills that would allow investment in bitcoin using public funds.
- Utah is one vote away from passing a similar bill, with time running out in its legislative session.
- Trump’s proposal for a federal reserve hints at a variety of cryptocurrencies that could be included.
On Thursday, the Texas Senate approved SB 21, allowing public funds to be invested in digital assets, specifically bitcoin. According to Senator Charles Schwertner, bitcoin has proven to be a reliable asset through economic fluctuations. Meanwhile, New Hampshire’s House Bill 302 has also made progress, seeking to utilize up to 5% of public funds for bitcoin and precious metals.
However, multiple other states have struggled to pass similar legislation. As Utah nears a decision, these developments could shift focus from Utah to states like Arizona and Texas for future crypto policy advancements.
| State | Bill Status | Vote Count |
|---|---|---|
| Texas | Passed | 16-1 |
| New Hampshire | Passed Committee | 16-1 |
| Utah | One Vote Away | N/A |
The conversation surrounding these legislative moves continues to evolve, especially with the specter of Trump’s broader ambitions regarding cryptocurrency governance.
