Maryland is the latest U.S. state to propose integrating Bitcoin through the Strategic Reserve Act, reflecting the state's increasing focus on digital investments in its economic strategy.
Maryland's Strategic Reserve Initiative
According to a report from the Maryland General Assembly, the bill was introduced by Caylin Young, a member of the Maryland House of Delegates. If enacted, the bill would allow allocating funds from gambling violations into Bitcoin as part of the state's reserve assets. Maryland joins several U.S. states considering Bitcoin a strategic asset. This move aligns with David Sacks' announcement to explore a national Strategic Bitcoin Reserve.
State-Level Interest in Bitcoin Reserves
State legislative houses in the U.S. are seeing increased interest in Bitcoin reserves proposals. More than 22 states are proposing or actively investing in digital assets. Michigan and Wisconsin have already allocated retirement funds into Bitcoin ETFs. Indiana and other states are considering alternative investments in Bitcoin. Recently, New Mexico introduced a bill to establish a Strategic Bitcoin Reserve, recommending allocating 5% of public funds to Bitcoin, with management by the State Investment Officer under oversight from the State Investment Council.
Utah Leads Bitcoin Initiatives
Currently, Utah is leading the push for Bitcoin reserves nationally. The Utah House of Representatives passed the Strategic Bitcoin Reserve bill by a narrow vote of 38-34, with 3 abstentions. The bill now goes to the Senate. If approved, it will allow investments in stablecoins and cryptocurrencies with a market value over $500 billion. Currently, Bitcoin is the only qualifying currency. This demonstrates growing legislative support for cryptocurrency investments.
The growing interest in Bitcoin reserves at the state level in the U.S. continues despite the lack of federal legislation on digital assets. Initiatives like those in Maryland and Utah indicate an increasing recognition of cryptocurrencies in strategic state economic planning.
