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This year's rapid surge in U.S. states' interest to put public money into cryptocurrencies before the federal government can establish a strategic reserve of digital assets has encountered mixed results after five such efforts flamed out, though Utah remains a single vote away from the finish line and Texas reportedly advanced a bill to its state Senate.
Pennsylvania, Wyoming, Montana, South Dakota and North Dakota have fallen short of the mark in legislative efforts to put public money into crypto. Others — most notably Utah — have made significant progress toward passing bills that could tie their financial health to the digital assets markets, and the ground is shifting by the hour.
The U.S. Congress and President Donald Trump have made noise about a federal strategic digital assets reserve, with the idea's public campaign stemming from the Bitcoin 2024 stage in Nashville, Tennessee, back before Trump won his election and Republicans rose to the majorities in Congress. Trump has spoken broadly in favor of the notion, which has also been more aggressively advocated by MicroStrategy's Michael Saylor and pitched by Senator Cynthia Lummis, the Wyoming Republican who helms the crypto subcommittee of the Senate Banking Committee.
Many of the states raced to beat the feds to the punch, but in the weeks that have marked this trend, the market value of the asset most of the efforts are talking about — bitcoin (BTC) — has slipped considerably from the post-election euphoria that seemed to spur enthusiasm.
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