US states are accelerating their efforts to integrate cryptocurrency in the reserve, with Utah passing a crypto bill and Kentucky preparing to introduce a Bitcoin Reserve bill.
Utah, Kentucky Gear up for Bitcoin Reserve Bill
MASSIVE BREAKING: With a super majority vote Utah becomes the 2nd state in the nation to pass a ‘Strategic Bitcoin Reserve’ bill out of committee.
Thank you to the leadership of @jordanteuscher, @TreasurerOaks, & Senator Cullimore as well as Utah’s forward thinking approach. pic.twitter.com/CBSwtHCDxw
— Dennis Porter (@Dennis_Porter_) January 28, 2025
The Utah State House Committee, led by Representative Jordan Teuscher and Treasurer Marlo Oaks, has approved a bill allowing the state to invest in cryptocurrency. The bill has now been submitted for a Senate vote. If passed, Utah will become the second state in the nation to approve a Strategic Bitcoin Reserve bill at the committee level. This legislation could pave the way for the state to invest in Bitcoin and other digital assets.
Meanwhile, Kentucky State Representative TJ Roberts has announced plans to introduce Bitcoin reserve legislation in the General Assembly’s first session back. This move follows South Dakota State Representative Logan Manhart’s recent announcement that he will introduce a similar bill to establish a Strategic Bitcoin Reserve in his state. Manhart described this initiative as one of the “few opportunities for proactive government action.”
On January 27, Arizona also introduced a bill to allow public funds to be invested in Bitcoin and other digital assets. Earlier reports suggested that up to 20 Strategic Bitcoin Reserve bills could be introduced at the state level, with some states potentially considering multiple proposals.
Amid these developments, former President Donald Trump’s administration is reportedly preparing to adopt a Bitcoin Reserve at the national level. However, Ripple CEO Brad Garlinghouse has advocated for a more diversified approach. In a recent post on X, he argued against Bitcoin maximalism, recommending a broader crypto reserve that includes Ripple (XRP) and Ethereum (ETH) alongside Bitcoin to ensure a more balanced and fair crypto policy.