27 U.S. states push for Bitcoin and Digital Asset legislation

So far, 27 States have joined the race to establish state-level Bitcoin and crypto reserves by introducing Bitcoin reserve bills. According to Bitcoin on-chain data aggregator Bitbo, the states proposed to invest up to 10% of their state funds in Bitcoin and crypto reserves.

Bitbo claimed that lawmakers in several U.S. States, including Maryland, Kentucky, and Iowa, had already introduced state-level bills to establish BTC strategic reserves. Maryland’s House Bill 1389, Kentucky’s House Bill 376, and Iowa’s House File 246 aimed to incorporate BTC into state financial policies.

However, while slamming Elon Musk’s D.O.G.E, former BitMEX CEO Arthur Hayes called the proposed Bitcoin strategic reserve(s) “a terrible idea” and “a political disaster waiting to happen.” He shredded the ‘fantasy’ of a BTC stockpile as misguided and dangerous. He said ‘what could be bought could be sold’ and politicians were more than likely to turn BTC into a ‘political football,’ destabilizing its price for short-term gains.
BTC reserve regulation gains traction across U.S. States as regulatory challenges loom

According to the founder and CEO of venture capital firm DFG James Wo, regulatory challenges remained ‘a hurdle’ despite the increasing introduction of BTC reserve bills in almost half of the U.S. States. Wo said while States may ‘follow suit,’ strict fiscal policies and concerns over BTC’s volatility could pose challenges for legislators and the public. He, however, added that the successful passing of the BTC reserve bills by enough states could ‘lay the groundwork for a broader conversation about the federal Bitcoin reserve in the near future.