US states like Texas and Illinois are pushing for Bitcoin reserves, highlighting their growing engagement in the crypto sector.
Texas Takes the Lead with Bitcoin Reserve Proposal
Texas is spearheading the integration of cryptocurrency at the state level. Lieutenant Governor Dan Patrick announced that a Bitcoin reserve is part of his legislative agenda for 2025, referenced as Senate Bill 21. This reserve is planned to be managed in accordance with state regulations and financial laws. The initiative aims to strengthen Texas's position in digital assets by introducing unique financial tools to the state economy.
Illinois Follows Suit with Bitcoin Strategic Reserve Act
Illinois is also joining the initiative, introducing its own strategy. State Representative John Cabello introduced a bill known as the Strategic Bitcoin Reserve Act. The bill proposes the creation of a fund managed by the Illinois State Treasurer, accepting Bitcoin from residents and government entities, to be held for at least five years as a hedge against inflation and economic instability.
Growing Trend Among US States to Adopt Bitcoin Reserves
Texas and Illinois aren't alone in considering Bitcoin reserves. States such as Utah, Oklahoma, Arizona, and Massachusetts are exploring similar initiatives. This trend reflects the growing state-level interest in cryptocurrencies. On the federal level, Senator Cynthia Lummis advocates for a national Bitcoin reserve, emphasizing its potential as protection against inflation.
The initiatives in Texas and Illinois are part of a national trend towards Bitcoin reserves, signifying their increasing role in public fund management.
