On February 7, Maryland State Delegate Caylin Young proposes the Strategic Bitcoin Reserve Act of Maryland, joining the latest trend in the country to establish a strategic Bitcoin reserve at the state level.
The synopsis in the proposal states, “Establishing the Maryland Bitcoin Reserve Fund to serve as a reserve asset for the State through the investment of Bitcoin; and authorizing the State Treasurer to invest the funds obtained by the State through the enforcement of certain gambling violations in Bitcoin.”
JUST IN: Maryland State Delegate Caylin Young proposes the “Strategic #Bitcoin Reserve Act of Maryland” 🇺🇸#Bitcoinreserve pic.twitter.com/5kfEXRpVkx
— CoinHuff (@COINHUFF) February 7, 2025
Race for Bitcoin Reserve Intensifies
As of now, Sixteenth US states have introduced legislation aimed at forming a BTC reserve after Kentucky State Representative Theodore Joseph Roberts proposed its state-level bill.
After Donald Trump was elected for the second term of his presidency, the crypto world is expecting a crypto-friendly regulatory framework under his new administration with pro-crypto leadership. Beyond state-level efforts, Trump’s crypto and AI Czar, David Sacks revealed that they are evaluating the ‘feasibility’ of BTC reserve in the federal treasury.
In the race for BTC reserve, there is a buzz in the market Utah could become the first US state to hold the cryptocurrency in its reserve as it has made significant progress. The bill has already been passed in the state’s House and is now seeking review in the Senate.
If passed, it will be a huge achievement for the crypto community as it will provide legal status to the biggest digital asset. This will also encourage wider participation and attract institutional investment.
Also Read: Bitcoin Network Activity Drops 15%, Hits One-Year Bottom
