The rapid increase of this year in the US states of putting public money in cryptocurrencies before the federal government can establish a strategic reserve of digital assets has found mixed results after five of these efforts were divided, although Utah follows a single vote of the finish line and, according to the reports, Texas advanced a bill to its state Senate.
Pennsylvania, Wyoming, Montana, South Dakota and North Dakota have been below the brand in legislative efforts to put public money in cryptography. Others, especially Utah, have made significant progress to approve invoices that could link their financial health to digital asset markets, and the land is changing per hour.
The Congress and the president of the United States, Donald Trump, have made noise on a federal reserve of strategic digital assets, with the public campaign of the idea derived from the Bitcoin 2024 stage in Nashville, Tennessee, before Trump won their elections and the Republicans increased to the majorities in Congress. Trump has spoken widely in favor of the notion, which has also been defended more aggressively by Michael Saylor de Microstrategy and launched by Senator Cynthia Lummis, the Wyoming Republican who directs the cryptographic subcommittee of the Senate Banking Committee.
Many of the states ran to overcome the federals, but in the weeks that have marked this trend, the market value of the asset of which most efforts are talking (Bitcoin (BTC)) has been considerably reduced from the post-election euphoria that seemed to stimulate enthusiasm.
Read more: the US Bitcoins Reserve. UU. It can come, but the states are winning the race
The price drop to approximately $ 86,000 from a maximum of Trump at the inauguration of $ 106,000 has combined with another high profile exchange trick in Bybit that, according to reports, went with more cryptography than thieves have previously taken away in an exit. These setbacks may have further decreased the good will of state government enthusiasts.
“That sense of urgency seems to have declined now,” said Johnny García, a managing director of the Vechain Foundation who has been following state actions. “My opinion is that states have a space to evaluate and contemplate a path to follow.”
Montana and North Dakota saw clear losses when their legislatures considered the idea of cryptography reserves at the state level. Both legislatures voted to reject the bills. The other three states where the initiatives failed saw that these rejections occurred at the level of the committee.
Meanwhile, Utah’s legislation to allow cryptographic investment of up to 5% of certain public accounts has cleared the State Chamber and a Senate Committee on its way to the consideration of the entire Senate there. But obtaining that vote is never a certainty in the limited windows that most states give to their legislative activity.
“Although Utah seems better positioned to finish his invoice first, nothing is guaranteed,” said Dennis Porter, CEO of the Satoshi Action Fund that was pressed so that the states adopt Bitcoin reserves. “It is a dynamic process.”
Porter said the campaign in the United States relies on them as the “Laboratory of Democracy.” He published on the social media site X (previously Twitter) that most invoices will fail, which is “normal” for the process, which his group will continue to chase every year.
According to the reports, Texas, an important Bitcoin Mining Center, became the last state legislature to take out a cryptography reserve bill outside the committee. But states have followed such a wide variety of digital assets initiatives that are difficult to specify as a common effort. And some states are moving in other aspects of cryptography participation, such as the bill of the Indiana house that weighs blockchain for the efficiency of the government and Arizona that advances a draft technical law through its home that would maintain a property not claimed in a cryptographic way, instead of converting it into cash, a result that would involve the administration of a state fund.
While North Dakota’s effort to establish a reserve Falló, the House of Representatives also approved a separate resolution that encourages its treasurer to invest certain state funds in digital assets. That resolution is now in the hands of the state Senate.
Garcia predicted that “many of these states will probably authorize digital assets as part of their state pension and investment options before moving towards more aggressive digital asset reserves.”
