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Multiple US States Pursue Bitcoin Reserves Legislation Ahead of Trump’s Inauguration
As the US prepares for Donald Trump’s return to the White House, approximately 15 states, including Massachusetts, are reportedly working on legislation to establish Bitcoin reserves. This development signals growing state-level Bitcoin adoption and rising interest in cryptocurrencies amidst a pro-BTC presidency.
Strategic Bitcoin Reserve Legislation Gains Momentum
Massachusetts State Senator Peter Durant has introduced a bill to establish a Bitcoin treasury, making it the eighth US state to propose such legislation. Senator Durant’s Strategic Bitcoin Reserve bill aims to create a state-level Bitcoin reserve, which could potentially pave the way for other states to follow suit.
Other states that have formally introduced laws to establish Bitcoin reserves include Wyoming, Oklahoma, New Hampshire, Ohio, and Pennsylvania. Texas, home to at least 27 Bitcoin mining operations, is also among the states considering Strategic Bitcoin Reserve legislation.
8 states have officially introduced Strategic Bitcoin Reserve legislation! More are coming. The winning has only just begun.
Policymakers are encouraging fellow lawmakers to support Strategic Bitcoin Reserve proposals in over a dozen states, highlighting the growing interest in cryptocurrencies at the state level.
National Bitcoin Reserve Efforts Underway
While it is uncertain whether states will pass an SBR law before federal legislators, Senator Cynthia Lummis and other senior members of Congress are rallying support for a national Bitcoin reserve. Lummis has suggested law changes at the Treasury to permit holding Bitcoin on the US government’s balance sheet.
Industry heavyweights are also lobbying Trump to sign an executive order on Bitcoin, with a council led by White House crypto czar David Sacks identified as a key priority for blockchain advocates.
For the latest news and updates on cryptocurrencies and Bitcoin adoption, stay tuned to Global Crypto News.
