Maryland Proposes Strategic Bitcoin Reserve Act

Maryland is the latest U.S. state to propose integrating Bitcoin through the Strategic Reserve Act of Maryland. This legislation shows the state’s increasing focus on digital investments as part of its economic strategy.

Maryland Introduces Strategic Bitcoin Reserve Act

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 permit the allocation of funds from gambling violations into Bitcoin (BTC) as part of the state’s reserve assets.

Notably, Maryland joins many U.S. states that consider Bitcoin a strategic asset and follow similar initiatives nationwide. It is noteworthy that Maryland acted a few days after David Sacks, the Crypto & AI Czar, revealed plans to explore a Strategic Bitcoin Reserve in a press conference.

He stressed that creating a Bitcoin reserve is a top priority. This aligns with Trump’s executive order to explore a national digital asset reserve.

Growing State-Level Interest in Bitcoin Reserves

It is important to note that state legislative houses have seen a surge in proposals for Bitcoin reserves in the United States.

Reports indicate that over 22 states are proposing, debating, or actively investing in digital assets.

Meanwhile, in a more progressive move, Michigan and Wisconsin have already allocated portions of their retirement funds into Bitcoin exchange-traded funds (ETFs).

This growing interest in Bitcoin reserves is strengthened by the ongoing discussions under Trump’s administration around a more supportive and forward-thinking cryptocurrency policy.

While federal legislation on digital assets has not yet passed, state-level initiatives continue to progress significantly.

For example, New Mexico recently introduced Senate Bill 57 (SB57) to establish a Strategic Bitcoin Reserve. Proposed by Senator Anthony Thornton of the Republican Party, the bill recommends allocating 5% of public funds to Bitcoin as an alternative investment. 

The State Investment Officer would manage the reserve, with oversight from the State Investment Council.

Utah Leads the Bitcoin Reserve Race

Currently, Utah is leading the push for Bitcoin reserves across the country following a key House vote on February 6.

The Utah House of Representatives passed House Bill 230 (HB 230), the Strategic Bitcoin Reserve bill, by a narrow vote of 38-34, with 3 abstentions. 

The bill now heads to the Senate for another vote before reaching the governor’s office. If approved, the law would allow investments in stablecoins and cryptocurrencies with a market value of over $500 billion.

Right now, Bitcoin is the only cryptocurrency that qualifies. The bill’s passage in the House shows growing legislative support for cryptocurrency investments.

On Friday, Florida Republican Senator Joe Gruters introduced a bill proposing the investment of part of the state’s funds in Bitcoin and other digital assets to counter rising inflation.