Interest in using Bitcoin as part of state reserves is growing in the US. Texas and Illinois are developing legislative proposals to become leaders in the cryptocurrency industry.
Texas Initiative
Texas continues to lead in the field of cryptocurrencies in the US. Lieutenant Governor Dan Patrick announced the intent to include Bitcoin in the state's asset list. This legislative proposal, named Senate Bill 21, is aimed at strengthening Texas's position in the crypto sphere by creating a Bitcoin reserve. The proposed reserve will be managed in accordance with state regulations.
Illinois Creates Bitcoin Reserve
Following Texas, Illinois also aims to use Bitcoin as a strategic reserve. State Representative John Cabello proposed a bill to create a Strategic Bitcoin Reserve Fund, managed by the State Treasurer. The bill allows for receiving Bitcoin donations, holding them for at least five years, ensuring transparency and accountability in fund management.
Trend of Bitcoin Reserves in the US
Texas and Illinois are not the only states considering the creation of Bitcoin reserves. States like Utah, Oklahoma, and Arizona are also exploring the possibility of integrating Bitcoin into their financial strategies. This trend indicates a growing interest in cryptocurrencies at the state level.
The growing interest in Bitcoin as part of state reserves across various US states highlights a shift in perspectives on cryptocurrency assets, as more states explore opportunities for their use in financial strategies.
