State Bitcoin reserves move forward 🟠

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U.S. states are making moves towards establishing their own strategic Bitcoin reserves. In Arizona, the House of Representatives has cleared a bill to establish a "Bitcoin and Digital Assets Reserve Fund"—though the state won’t be buying any of its own Bitcoin. Instead, the reserve will be funded exclusively through digital assets seized in criminal investigations.

In Ohio, Rep. Steve Demetriou (R-Ohio) has introduced House Bill 18, the Ohio Strategic Cryptocurrency Reserve Act, which would permit the state treasurer to invest up to 10% of certain public funds in “high-capitalization” cryptocurrencies (notably not singling out Bitcoin, though it’s the only digital asset that currently meets the bill’s criteria for a reserve).

The news comes just days after Texas became the third U.S. state to sign a Bitcoin reserve bill into law—though it’s not all been plain sailing. A number of states have rejected Bitcoin reserves outright, setting up a potential divide between the haves and the have-nots.

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