Author: Decrypt
Compiled by: Felix, PANews (This article has been edited)
After multiple states rejected bills to invest public funds in the leading cryptocurrency, proposals for state-level Bitcoin reserves in the U.S. have hit roadblocks.
Of the 50 states in the U.S., more than half have proposed or are considering legislation related to Bitcoin reserves or digital asset investments, but the outcomes of many of these bills remain uncertain.
Some bills have successfully passed, establishing a framework for state-level crypto reserves, but many others have not fared as well. Let’s take a look at which states have rejected Bitcoin reserve bills.
Florida
In early May, the Sunshine State of Florida postponed and withdrew two bills aimed at incorporating Bitcoin into state finances.
House Bill HB 487 and Senate Bill SB 550 both attempted to allocate up to 10% of certain public funds to this top crypto asset, with HB 487 adding all taxes paid in Bitcoin to the general reserve fund it was supposed to create.
Neither bill was submitted for consideration in the Florida House or Senate, as they were withdrawn at the end of the legislative session on May 3.
Oklahoma
On April 16, the Oklahoma Senate Finance and Taxation Committee voted 6 to 5 to reject HB 1203, the Strategic Bitcoin Reserve Act, marking a failed attempt to establish a Bitcoin reserve in the state.
The bill would have allowed the state to invest up to 5% from four independent state funds into Bitcoin or any other digital asset with an average market capitalization exceeding $50 billion over the past year. Currently, only Bitcoin meets this criterion.
Despite the bill's rejection, a representative who was expected to vote against it changed her stance that afternoon, supporting the bill after being persuaded by constituents in favor of Bitcoin.
Utah
Although the state’s bill was neither rejected nor voted down, Utah's plan to establish a strategic Bitcoin reserve fell through in March when a provision that could have allowed the state to create a reserve was removed from a blockchain bill.
The Blockchain and Digital Innovation Amendment (HB 2030) passed the Utah Senate with a vote of 19 in favor and 7 against after the reserve provision was removed, establishing rights for individuals to operate blockchain nodes and participate in staking. The bill was officially signed by the state governor on March 25.
New Mexico
New Mexico's SB 275 bill, which aimed to use 5% of state financial resources to invest in Bitcoin, was shelved after being submitted to the Senate Tax, Business and Transportation Committee in early February.
According to SourceNM, the bill's sponsor, Republican Anthony Thornton, stated he would reintroduce the bill in the future.
Montana
Montana's Bitcoin reserve proposal, House Bill 429, faced challenges after being introduced in late January. The bill aimed to allocate up to $50 million of public funds for Bitcoin, stablecoins, and precious metals.
Although Representative Curtis Schomer supported the bill, believing it would help diversify state assets and potentially yield higher returns, the proposal was rejected in the House on February 21 by a vote of 59 to 41.
South Dakota
South Dakota's HB 1202 proposal suggested investing up to 10% of the state's public funds into Bitcoin, but it was rejected in the House Commerce and Energy Committee on February 24 by a vote of 9 against and 3 in favor.
Despite the bill's sponsor, Representative Logan Manhart, believing Bitcoin could preserve value in an inflationary environment, South Dakota investment official Matt Clark raised concerns about the asset's volatility.
North Dakota
North Dakota's proposal HB 1184 aimed to explore the feasibility of establishing a Bitcoin reserve but failed in the House vote with 57 against and 32 in favor.
However, this does not mean the "Peace Garden State" has completely abandoned cryptocurrency-related initiatives. The Legiscan website shows that the North Dakota Legislative Assembly is still considering a resolution proposed by Republicans encouraging the state treasurer and state investment board to allocate some state funds into digital assets and precious metals.
According to state government records, the resolution has passed its second reading in the North Dakota House and will be submitted to the state Senate Industrial and Commercial Committee for further review.
Pennsylvania
Pennsylvania's HB 2664 bill proposed investing up to 10% of state funds in Bitcoin, but the bill has effectively been rejected.
This Republican-led bill, co-sponsored by Representatives Michael Cabell and Aaron Kaufer, was first introduced last November. The bill would authorize the Pennsylvania State Treasurer to invest in cryptocurrencies, allowing public funds to be allocated to these digital assets through secure custodial solutions or to invest in exchange-traded products tracking the prices of digital assets like Bitcoin.
Wyoming
A bill proposed in Wyoming in mid-January was rejected by the state committee on February 6, with records showing that only one of the eight legislators supported the initiative.
The bill called for investing state government funds and permanent funds in Bitcoin. According to the bill, funds from the general fund, the permanent Wyoming mineral trust fund, and the permanent land fund could be allocated to the largest digital assets by market capitalization.
Arizona
Arizona's "Arizona Strategic Bitcoin Reserve Act" (SB 1025) made its way to Governor Katie Hobbs' desk but ultimately failed, as Katie Hobbs vetoed the bill in early May.
If passed, the bill would have allowed the Arizona State Treasurer to invest up to 10% of state government funds in Bitcoin and other cryptocurrencies. In a letter to Arizona Senate President Warren Petersen, Katie Hobbs wrote, "Arizona's retirement funds are not suitable for the state to attempt untested investments like virtual currencies." Notably, the Arizona Senate approved the Bitcoin reserve bill SB 1373 and sent it to Governor Katie Hobbs for a final decision.
Despite the veto of SB 1025, a separate bill was passed and signed into law a few days later. Legislative records from the state of Arizona show that HB 2749 has been officially signed into law by the governor, marking the establishment of the state's first crypto reserve. This reserve is not for investment but is intended to receive unclaimed virtual assets, airdrops, and staking rewards, maintaining their original form.
Outlook
Although New Hampshire is the first state to pass a strategic Bitcoin reserve bill, which authorizes the state treasurer to purchase Bitcoin or digital assets with a market capitalization exceeding $50 billion, setting a holding limit of 5% of total reserve funds, other bills are still pending review by legislators across the country.
The North Carolina House passed the Digital Asset Investment Act (HB 92), authorizing the state treasury to invest in qualified digital assets. An earlier version of the bill proposed that digital asset investments should not exceed 10% of the total fund, but the version ultimately passed by the House adjusted the cap to 5%. The bill has now been submitted for Senate review.
The Texas House committee has passed SB 21, which aims to establish a state-level Bitcoin reserve. The bill passed with a vote of 9-4, having previously received overwhelming support in the state Senate with a vote of 25-5. If it receives full approval from the House by June 2, it will be submitted to Governor Greg Abbott for signing.
Other states, such as Alabama and Minnesota, have also proposed Bitcoin reserve bills but are still far behind in the legislative process.
According to BitcoinLaws data, there are currently about 36 bills related to state Bitcoin reserves still in progress.
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