The document went to a House committee.
Utah is one step ahead in this regard. The Senate Committee on Revenue and Taxation of the state passed the document on February 20. Now the bill will be considered in the second and third reading before the final vote in the Senate.
In 18 states, similar initiatives are awaiting votes. Arizona and Utah are already in the final stages of approval.
The bill, which received support in Arizona's upper chamber of Congress, limits the amount the Treasury can invest in a single transaction. It also authorizes lending digital assets for profit as long as it doesn't increase financial risk.
Texas
On Feb. 27, the Texas Senate Banking Committee passed the SBR bill, with the next step being consideration in the state's upper chamber of Congress.
The document gives the Texas Comptroller of Public Accounts the authority to purchase, sell and exchange any assets.
The Texas bitcoin strategic reserve bill has gotten a new revision.
Its first version envisioned the ability to purchase bitcoin in January 2025, but senators included other digital assets in February 2025.
The prospects for the U.S. bitcoin reserve remain unclear
The community expected US President Donald Trump to make the decision to create a strategic bitcoin reserve (SBR) among the first decisions after returning to the White House on January 20. This was one of the politician's campaign promises.
The head of state created a working group on digital asset markets under the leadership of “cryptocurrency king” David Sachs. The latter called the evaluation of the initiative a priority, but did not provide any details.
Some experts called the administration's cautious approach regarding the crypto reserve one of the factors that could “sell” bitcoin below $90,000.
“Evaluate or study is what Washington does when it has no intention of addressing the issue,” commented Bianco Research president and macro strategist Jim Bianco.
In December 2024, Satoshi Action Fund CEO Dennis Porter promised to organize a “wave of SBR” at the state level in case the central government did not rush the initiative.
In January, MARA Holdings, the largest publicly traded U.S. miner, joined the lobbying effort to implement bitcoin reserves in the regions.
Related bills have been put forward in many states, including Utah, South Dakota, Illinois, Ohio, Arizona, Utah, Texas and several others. In Montana, Pennsylvania, North and South Dakota, and Wyoming, legislative initiatives failed.
Recall, the purchase of the first cryptocurrency in the national bitcoin reserve for $1 billion will lead to an increase in the capitalization of the asset by $20 billion, according to Sygnum calculations.
Earlier, analyst Thomas Farrer predicted an increase in quotations of digital gold at $50,000 per minute, when the US authorities will confirm the creation of the SBR.
