Maryland has introduced the Strategic Bitcoin Reserve Act, a bold proposal to allocate funds derived from gambling violations into a Bitcoin (BTC) reserve. Sponsored by Delegate Caylin Young, the bill seeks to establish a Bitcoin reserve fund as a new state asset.
The proposal marks a significant step for Maryland as it joins a growing number of U.S. states exploring the inclusion of digital assets in their financial strategies. If passed, the bill would empower the state treasurer to direct gambling violation revenues into Bitcoin, effectively making it part of the state’s investment portfolio.
The move comes amid a broader trend of states considering Bitcoin as a potential store of value, with discussions ramping up around the role of digital currencies in government finances.
In a related development, David Sacks, a key figure in former President Trump’s digital asset strategy, recently hinted at the administration’s interest in creating a national Bitcoin reserve, confirming that assessing the viability of a BTC reserve is a priority for his team.
State-Level Momentum on Bitcoin Investments
Maryland’s proposed legislation is part of a wave of state-level initiatives exploring digital asset reserves. At least 22 U.S. states are now either considering, debating, or actively investing in cryptocurrencies. Notably, Michigan and Wisconsin have already invested parts of their retirement funds into Bitcoin exchange-traded funds (ETFs).
Earlier this week, New Mexico introduced Senate Bill 57 (SB57), which would allocate 5% of public funds to Bitcoin. This bill proposes that the state’s Investment Officer manage the Bitcoin reserve under the oversight of the State Investment Council.
Other states, including Utah and Kentucky, have introduced their own proposals for digital asset investments. Utah’s House of Representatives recently passed a bill allowing the state treasurer to invest in cryptocurrencies, including Bitcoin, provided they meet certain market capitalization criteria. Kentucky’s HB376 bill seeks to allocate up to 10% of excess state reserves into Bitcoin and other digital assets, further expanding the scope of state-level adoption.
These proposals reflect a growing interest in diversifying state financial portfolios and a desire to explore the potential of digital currencies as alternative investment options. While federal legislation on cryptocurrency is still in development, state-led efforts continue to take shape, signaling a shift towards digital assets in government fiscal strategies.
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