Bitcoin Legislation Advances at the State Level in the United States: An Overview
State-Funded Bitcoin Reserves on the Rise
In recent months, Bitcoin legislation has been advancing at the state level in the United States. As reported by Matthew Sigel, Head of Digital Assets Research at VanEck, almost 30 proposals are directing funds into reserves. This development has significant implications for the cryptocurrency market, with potentially up to $23 billion in buying power if all 20 of these proposals are enacted.
State Measures and Funding Sources
Several state measures focus on channeling general budgets, special revenue accounts, and "Rainy Day" funds into Bitcoin, reflecting a varied approach to sourcing public money. Oklahoma’s committee-level proposal seeks a 10% allocation from its $14.7 billion state funding sources, amounting to over 15,000 BTC. Massachusetts introduced a measure targeting its "Rainy Day" fund, which stands at $8.8 billion, while Texas has advanced legislation that could commit at least 1% of unencumbered general revenue toward Bitcoin.
State-by-State Breakdown
| State | Date | Status | Funding Source | Funding Size | Investment % | BTC |
|---|---|---|---|---|---|---|
| Oklahoma | 15-Jan-25 | Committee 2 | State General Fund, Revenue Stabilization Fund, Constitutional Reserve ("Rainy Day") | $14,664,000,000 | 10% | 15,125 |
| Massachusetts | 10-Jan-25 | Introduced | Constitutional Stabilization ("Rainy Day") Fund | $8,831,000,000 | 10% | 9,139 |
| Wyoming | 17-Jan-25 | Failed/Dead | General Fund and Permanent Wyoming Mineral Trust | $27,100,000,000 | 3% | 9,088 |
| New Hampshire | 10-Jan-25 | Committee 1 | General Fund, Revenue Stabilization Funds, others | $12,316,117,432 | n/a | 2,183 |
| Utah | 15-Jan-25 | Committee 2 | State Disaster Recovery/General Revenue Reserve/Income Tax Fund Budget Reserve/Medicaid Growth Reduction & Allocation Accounts | $1,401,800,000 | 10% | 1,446 |
| Texas | 16-Jan-25 | Committee 1 | Unencumbered & unobligated GRF balance | $18,290,000,000 | 1% | 1,887 |
| Iowa | 6-Feb-25 | Committee 1 | General Fund, Cash Reserve Fund, Economic Emergency Fund | $5,472,000,000 | 5% | 2,822 |
| Missouri | 23-Jan-25 | Committee 1 | State Treasurer | $17,082,467,808 | 10% | 17,620 |
| New Mexico | 4-Feb-25 | Committee 1 | Land Grant Permanent Fund, Severance Tax Permanent Fund, Tobacco Settlement Permanent Fund, other state funds | $42,098,000,000 | 5% | 21,711 |
| South Dakota | 30-Jan-25 | Committee 1 | State public funds approved by the State Investment Council | $16,678,000,000 | 10% | 17,203 |
| Montana | 8-Feb-25 | Committee 1 | Montana General Fund (up to $50 million initially) | $4,176,970,000 | n/a | 516 |
| North Carolina | 10-Feb-25 | Introduced | General Fund, Highway Fund, Teachers’ & State Employees’ Retirement System, other special state funds | $26,291,046,000 | 10% | 27,118 |
Federal Interest
Federal interest appears limited to early-stage discussions, with public statements by President Donald Trump’s administration and some lawmakers introducing the idea of a national Bitcoin reserve. However, the concept has yet to materialize in any definitive action. State momentum suggests that local governments view Bitcoin as a strategic resource, especially for specific budget categories and investment pools.
Conclusion
The advancement of Bitcoin legislation at the state level in the United States has significant implications for the cryptocurrency market. With almost 30 proposals directing funds into reserves, the potential impact could be substantial, with up to $23 billion in buying power if all 20 of these proposals are enacted.
FAQs
- What is the current state of Bitcoin legislation in the United States?
Bitcoin legislation is advancing at the state level, with almost 30 proposals directing funds into reserves. - What is the potential impact of these proposals?
The potential impact could be substantial, with up to $23 billion in buying power if all 20 of these proposals are enacted. - What are the federal implications?
Federal interest appears limited to early-stage discussions, with public statements by President Donald Trump’s administration and some lawmakers introducing the idea of a national Bitcoin reserve. However, the concept has yet to materialize in any definitive action. - What is the significance of these proposals?
State momentum suggests that local governments view Bitcoin as a strategic resource, especially for specific budget categories and investment pools.
