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

U.S. President Donald Trump directed one of his working groups to explore the benefits of a national digital asset reserve, following his election pledge to establish a strategic national bitcoin reserve. A national reserve is still in the works, but state legislatures have proposed bills to develop their crypto reserves. None have made it into law yet. 

State-Level Efforts to Establish Crypto Reserves 

There are states with cryptocurrency investment bills under consideration, with the following levels of advancement: 

Wyoming, the most Bitcoin-friendly state with Bitcoin-friendly Senator Cynthia Lummis, proposed a bill allowing state funds to invest in Bitcoin. The bill did not advance through the Minerals Committee. 

Florida already invested in cryptocurrency assets through its pension fund before bills were passed. Crypto lobbyist and head of the Florida Blockchain Business Association Samuel Armes is sure these investments will increase even more. 

However, Illinois has had crypto bills introduced with little chance of passage. These bills are usually introduced by minority party legislators who wish to draw attention to key issues of their donors or constituents. 

The Bigger Picture 

Twenty-four states have considered or proposed bills to ease or increase public investment in cryptocurrency. No bills have been passed, but the rising number of proposals indicates heightened interest in cryptocurrencies at the state level. 

Though moving away from being highly contentious, the fate of government-supported cryptocurrency reserves will be decided by the success or failure of these legislative proposals in the United States.