Maryland has proposed the ‘Strategic Bitcoin Reserve Act of Maryland’ to create a state Bitcoin reserve fund, with Delegate Caylin Young as the sponsor. The bill suggests using state funds from gambling violation enforcement to invest in Bitcoin (BTC). This action demonstrates a growing interest among U.S. states in exploring digital asset investments. If passed, the State Treasurer would be authorized to invest funds obtained from enforcing certain gambling violations into Bitcoin.
As of early February 2025, about 22 states have either introduced bills, are in serious discussions, or are already investing in cryptocurrencies. Approximately 18 states are actively working on such bills. Utah has already cleared its digital assets bill through the state house. Kentucky has also introduced legislation that would open state retirement funds for investment in digital assets exchange-traded funds. Furthermore, about 15 US states have submitted BTC proposals.
Maryland Proposes Strategic Bitcoin Reserve Act
By enacting the Strategic Bitcoin Reserve Act, Maryland has joined other states that are thinking about investing in digital assets. The goal of the measure is to establish a Bitcoin reserve fund that would act as a state financial asset. The bill would allow the state treasurer to invest money earned from pursuing gambling crimes in Bitcoin if it were approved.
States are considering Bitcoin as a possible store of wealth, and this idea is in line with similar initiatives across the United States.
The action taken by Maryland coincides with growing debates over the use of digital assets in government budgeting. David Sacks, Donald Trump’s Crypto Czar, said his team is considering the establishment of a Strategic Bitcoin reserve in a recent CoinGape story.
Strategic Bitcoin Reserves: A Look at Other States Taking Action
Recently, David Sacks, Donald Trump’s Crypto Czar, was assigned to explore the feasibility of a national strategic bitcoin reserve. According to him, around 15 states have already started their efforts to integrate Bitcoin into their financial strategies, addressing certain benefits, including economic diversification, technological innovation, and inflation hedging.
Alabama has put forth a strategic bitcoin reserve in order to draw in crypto-based organizations and hedge against economic uncertainties.
Arizona is enhancing its legislation to allocate more public funds to Bitcoin (BTC), positioning the country as a leader in digital finance.
Florida, renowned for its crypto-friendly approaches, is exploring bitcoin reserves to diversify digital assets and draw in tech investors.
Kentucky is also making similar changes as a part of broader financial modernization efforts.
Both Massachusetts and Montana have proposed plans to add Bitcoin (BTC) to their public funds, with both states showcasing its potential as a high-growth investment asset.
New Hampshire, Ohio, and North Dakota are enhancing their legislation to emphasize financial consistency and blockchain innovation. At the same time, Pennsylvania and Oklahoma are forcing Bitcoin reserves to diversify their financial tactics and draw in crypto-related organizations.
South Dakota has just joined the movement, introducing Bitcoin reserves to make its financial position stronger. The leader of cryptocurrency adoption, Texas, has long backed bitcoin reserves as part of its strategy to establish itself as a global blockchain hub.
Utah and Wyoming have also introduced policies, supporting digital asset integration.
As these 15 states continue to move forward with their bitcoin reserve plans, the national conversation is expected to intensify. It is still doubtful whether the federal adoption will follow it or not.
