A growing number of U.S. states are pursuing legislation to establish proper Cryptocurrency reserves or allow crypto-investments, causing a change in state-level macroeconomic policy.
Out of 50 U. S. says, 16 have continued congressional concerns and varying positions.
Utah stands out as the condition closest to a possible application.
The Economic Development and Workforce Services Committee recommended the country’s Blockchain and Digital Innovation Amendments bill through the House on January 28th, with a majority voting of 8 to 1.
As long as they meet the main requirement of having more than$ 500 billion in market capitalization, which has been on average for the past 12 months, Utah’s bill would grant the state treasurer the right to grant up to 5 % of some public funds to “qualifying digital assets.”
Although the bill does not specifically mention Bitcoin in its language, just Bitcoin absolutely meets the minimum market capitalization requirement.
Dennis Porter, CEO of Satoshi Act Fund, pointed out this argument on X after Justin Bechler, a Cryptocurrency activist, argued that Porter’s description of the act was misleading according to Utah’s Money Transmitter Act.
On the Cryptocurrency road
Despite a total of 17 state submitting identical ideas, North Dakota’s request was somewhat rejected on February 4, according to statistics viewed by the Bitcoin Reserve Monitor.
Numerous other states are thinking about allowing the use of Bitcoin or bitcoin in public finances in similar ways.
State-level speed continues building, with New Mexico becoming the latest entrance. Senator Anthony L. Thornton proposed a 5 % allocation of public funds to Bitcoin in his proposed Strategic Bitcoin Reserve Act ( SB275 ) on February 4.
Arizona’s Senate Finance Committee has advanced related legislation, passing SB1025 which may allow up to 10 % of public money, including pension systems, to invest in bitcoin.
Wyoming and Massachusetts have also entered the race, with the latter opening its gloomy day funds to invest up to 10 % of its stability fund in Bitcoin or any other online asset.
Texas, meanwhile, has taken a unique approach with two ideas. A Senate expenses in the works in the state would allow for a 1 % allocation from the state’s common revenue account balance.
Additionally, there are procedures for crypto pay conversions to Bitcoin in a separate House expenses that are focused on Bitcoin donations. Thus far, neither has advanced to rules.
From Oklahoma and Missouri to New Hampshire, Pennsylvania, and Ohio, several states in the U. S. have either proposed or pending charges, with the parliamentary position of these expenses across 16 participating states constantly being tracked by Bitcoin Reserve Monitor.
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