More than 30 US states are investigating ideas for publicly funded Bitcoin reserves that are approaching the passage of relevant laws at least two jurisdictions.
The Washington policymaker has not agreed to federal law to create a Bitcoin (BTC) reserve, a Republican senator in Wyoming and chairman of the Senate Banking Subcommittee on Digital Assets, Cynthia Ramis told Bitcoin Investor Week in New York.
Utah and Arizona are pushing for proposals to use public funds to buy Bitcoin, but not all lawmakers support the idea of a state-run Bitcoin reserve.
Since Donald Trump was sworn in as Wyoming, home to the US president, Montana, North Dakota and Ramis, he has rejected the Bitcoin reserve bill. Lawmakers from these states cite concerns over crypto speculation and the risks of digital assets despite adoption of nearly $100 billion in facility Bitcoin through exchange trade funds on Wall Street.
In the Senate, Ramis introduced a bill that proposed that the Federal Reserve exchange some of its Bitcoin gold reserves. If enacted, the law requires the US government to acquire up to 5% of its total Bitcoin supply over five years.
At the White House, AI and Crypto Czar David Sacks reaffirmed Trump's interest in establishing the National Bitcoin Reserve in a statement in early February. However, he acknowledged that progress was still in its early stages and that the concept was being valued.
Ramis reflected similar sentiments in New York on Feb. 28, and “there is no more than enough homes or enough in the Senate to do this,” the Wyoming Senator said.
Stablecoins will likely be the starter pistol for the digital asset framework. Both Senate and House lawmakers have presented legislation that standardizes the Stubcoin rules. At the first Senate Banking Subcommittee hearing, focusing on cryptography rules, senators and industry experts alike agreed that Stablecoins regulations will be prioritized.
