Back in a couple of weeks, I had written about the new crypto investment bills that were being proposed by Texas and Oklahoma. They joined plenty of states with similar plans — i.e. Pennsylvania, New Hampshire among others.
Caylin young, a Maryland state legislator, has proposed the creation of a Bitcoin reserve fund. A hearing is scheduled for 6 March.
A proposal synopsis states that the bill would permit the state treasurer of the United States to direct funds derived from the enforcement of certain gambling laws to crypto-assets.
House Bill 376 has been introduced in Kentucky. “authorize the State Investment Commission to make investments in certain digital assets and bullion.”
This bill doesn’t mention BTC. It does, however, mention digital assets and stablecoins which have been approved by the US.
That market cap figure is used in Iowa’s House File 246, too — legislation also introduced last week.
The Utah state senators have now taken up a similar proposal, which would allow the state to dedicate 5% of its public funds for crypto. North Dakota House rejected the same plan.
David Tawil of ProChain Capital stated in an email sent on Sunday that there is a race to build up a strategic Bitcoin reserve. “is on and it is real.”
“The largest investors in the world (municipalities, pension funds and nation-states) are going [to] compete to accumulate bitcoin as a digital gold, to serve as a safe haven reserve asset and, in the case of nations, to combat deflation in their own currencies,” He wrote.
While the specifics of the possible BTC purchase plans by the federal government are still unknown, the states will be keeping a close eye on the situation.
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