As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray

As One State Gets Closer on a Crypto Reserve, Others Jump Into the Fray

Utah Moves Closer to Crypto Investment Law as More States Join the Trend

Utah has become the first state to pass a digital assets investment bill through a legislative chamber, bringing it two steps away from becoming law. The bill, which allows the state treasurer to invest public funds in stablecoins or cryptocurrencies with a market cap above $500 billion—effectively limiting investments to Bitcoin—now heads to the state Senate for approval before reaching the governor’s desk.

Meanwhile, Maryland and Kentucky have joined the growing list of states considering similar legislation. In Maryland, Democratic Delegate Caylin Young introduced a bill to establish a Bitcoin strategic reserve, funded by revenue from gambling violation enforcement. Kentucky lawmakers proposed two bills that would enable state retirement funds to invest in crypto ETFs while also imposing restrictions on the use of central bank digital currencies (CBDCs).

Currently, 22 states have either introduced legislation, are seriously discussing proposals, or have already invested in digital assets. Michigan and Wisconsin have taken early steps by allocating portions of their retirement funds to crypto ETFs. The wave of state-level interest in cryptocurrency investments gained traction after President Donald Trump’s election and his administration’s push to explore a national strategic stockpile of digital assets.

While no state bill has proposed using taxpayer money for crypto investments, the momentum reflects a broader shift toward recognizing digital assets as a viable financial instrument in government portfolios.