Kentucky and Maryland Are the Latest States to Consider…

Maryland and Kentucky this week joined a growing list of U.S. states mulling Bitcoin and other digital assets as a way to strengthen their reserves.

Dubbed the Strategic Bitcoin Reserve Act of Maryland, a measure introduced by Democratic State Delegate Caylin Young on Friday would enable the state to establish exactly that, according to a description of the bill’s text.

While some state lawmakers have introduced bills that call for investments in digital assets broadly, Young’s bill explicitly mentions the largest cryptocurrency by market cap. What’s more, the bill authorizes the Maryland State Treasurer to invest in Bitcoin using funds derived from the “enforcement of certain gambling violations.”

Young’s bill was preceded by a bill with a less descriptive title in Kentucky—currently dubbed House Bill 376. Introduced by T.J. Roberts, a Republican member of the Kentucky State House of Representatives, the bill calls for the state to begin investing in digital assets and precious metals.

Bitcoin, nor any other cryptocurrency, is explicitly referred to in Roberts’ bill by name, according to the bill’s text. However, it limits digital assets that can be bought by the state to those with a market capitalization of at least $750 billion, making Bitcoin Kentucky’s de facto option.

Taken together, the developments represent bipartisan interest in establishing Bitcoin reserves at the state level. The activity follows President Donald Trump’s yet-to-be-realized promise on the campaign trail last year that he would create a strategic Bitcoin stockpile.

So far, North Dakota is the only U.S. state that has rejected a bill related to building a Bitcoin reserve, according to the Bitcoin Reserve Monitor. Sixteen other states, excluding Maryland and Kentucky, have seen similar bills proposed.

Some states have gotten closer to making proposals become law. In Utah, a crypto reserve bill was passed out of committee last month, positioning the bill for further approval. In Arizona, a similar bill was also passed out of committee last month, setting it up for the state’s Senate floor.

Edited by Andrew Hayward