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Maryland and Kentucky Move to Build Strategic Bitcoin Reserves Amid Growing State Interest

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Maryland and Kentucky Move to Build Strategic Bitcoin Reserves Amid Growing State Interest

Key Points:

  • Maryland’s bill allows Bitcoin investments using gambling violation funds, while Kentucky’s bill proposes allocating up to 10% of surplus reserves to digital assets.
  • Maryland and Kentucky join 16 other states in exploring Bitcoin reserves, with the goal of establishing a Strategic Bitcoin Reserve.

Maryland and Kentucky have become the latest states to consider Bitcoin and other digital assets as part of their financial reserves.

Read more: Tornado Cash Developer Alexey Pertsev Sentenced To 64 Months In Prison

Maryland and Kentucky Push for Strategic Bitcoin Reserve

In Maryland, Democratic State Delegate Caylin Young introduced the Strategic Bitcoin Reserve Act on February 9. The proposed legislation explicitly permits the state to establish a Bitcoin reserve, authorizing the Maryland State Treasurer to invest in the cryptocurrency using funds obtained from gambling violation enforcement.

Meanwhile, Kentucky State Representative Theodore Joseph Roberts introduced bill KY HB376 on February 6. If enacted, the bill would enable the State Investment Board to allocate up to 10% of the state’s surplus reserves into digital assets, including Bitcoin.

State-Level Interest in Digital Asset Investments Grows

Kentucky now joins 16 other states that have proposed similar Bitcoin reserve initiatives, including Arizona, Alabama, Florida, Missouri, and Texas. The move also follows Illinois’ recent proposal for a Strategic Bitcoin Reserve law with a minimum five-year holding requirement.

Despite the momentum, not all states are on board. North Dakota remains the only state to have rejected a Bitcoin reserve bill. However, as more states push forward with similar proposals, the debate over Bitcoin’s role in public finance is likely to continue evolving nationwide.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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John Kojo Kumi

08 February 2025, 02:19:00 GMT +0000

John Kojo Kumi is a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem. With years of experience in crypto journalism and blockchain research, he provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations.

He holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, bringing a multidisciplinary perspective to the evolving digital asset space. As a Crypto News Writer, he tracks and reports on industry trends, while his role as a Registrar at the Commission on Human Rights and Administrative Justice reflects his commitment to governance and transparency.

His expertise spans content strategy, SEO optimization, and technical research, enabling him to craft insightful, data-driven analyses. Passionate about blockchain’s transformative potential, he strives to equip readers with the knowledge to navigate the complexities of digital assets and decentralized technologies.

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