Donald Trump and his political allies Bitcoin stockpile plan halted At the national level by the U.S. Treasury.
And now, as asset prices continue to soar to new highs following Election Day, some U.S. states are following suit.
So far, three states have submitted proposals to secure strategic Bitcoin reserves, and digital asset advocates are urging other local governments to do the same.
Here are the states considering filling their coffers with the world’s oldest and most valuable digital currency.
texas
Texas lawmakers will soon consider whether they should establish strategic Bitcoin reserves.
Texas State Representative Giovanni Capriglione proposed the following bill last December: The Lone Star State creates Bitcoin inventory.
The draft bill states that Texas must hold Bitcoin for at least five years. According to the bill, cryptocurrencies must be stored in cold storage, i.e. in some type of device that is not connected to the internet, and the assets cannot be used to trade outside of Texas.
“The strategic Bitcoin reserve is consistent with Texas’ commitment to fostering innovation in digital assets and providing enhanced financial security to Texans,” the bill reads.
Lastly, the proposal also allows Texans to donate to the state’s Bitcoin fund.
Pennsylvania
The Pennsylvania House of Representatives introduced a bill last November calling for the establishment of a strategic Bitcoin reserve.
The Bitcoin bill would allow the Pennsylvania Treasurer to purchase Bitcoin with “up to 10%” of the state’s General Fund, Rainy Day Fund, and state investment funds.
Leveraging 10% of the state’s general fund would allow the Pennsylvania Treasury to purchase nearly $1 billion worth of Bitcoin.
“Bitcoin, which has appreciated significantly over the years, could help Pennsylvania keep pace with inflation and economic changes,” state lawmakers said. said In a legislative memo released Nov. 12.
ohio
Ohio Representative Derek Merrin proposed the following bill on December 17: Secure strategic Bitcoin reserves in the Buckeye State.
Ohio’s Bitcoin Reserve Act requires the creation of a Bitcoin fund in the state Treasury. It also gives the Ohio State Treasurer discretion to purchase the property.
“Ohio must embrace technology and protect our tax dollars from erosion.” Merrin said On Tuesday at X Post.
Some details about how the reserve would work are still unclear, but the draft bill is expected to serve as a framework for Ohio lawmakers to build on in 2025.
Editor: Andrew Hayward
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