Maryland has introduced the “Strategic Bitcoin Reserve Act of Maryland,” a legislative proposal to establish a Bitcoin reserve fund for the state. Sponsored by Delegate Caylin Young, the bill aims to allow state funds derived from gambling violations to be allocated into Bitcoin (BTC).
The initiative reflects the increasing trend among U.S. states to explore digital asset investment in their financial strategies.
Maryland Introduces Strategic Bitcoin Reserve Act
Maryland has followed suit with other states considering digital asset investments by introducing the Strategic Bitcoin Reserve Act. The bill seeks to create a Bitcoin reserve fund that would serve as a financial asset for the state.
If passed, the legislation would permit the state treasurer to invest funds obtained from enforcing gambling violations into Bitcoin.
The proposal aligns with similar efforts across the U.S., where states are evaluating Bitcoin as a potential store of value. Maryland’s move comes amid increasing discussions on the role of digital assets in government financial planning.
In a recent CoinGape report, Donald Trump’s Crypto Czar, David Sacks, stated that his team is evaluating the creation of a Strategic Bitcoin reserve. Sacks confirmed that this is one of their top priorities as they assess BTC reserve feasibility. The initiative follows Trump’s executive order to explore a national digital asset stockpile.
Expanding State-Level Interest
Several states have introduced or are actively debating Bitcoin reserve bills. At least 22 states are engaged in discussions, legislative proposals, or actual investments in digital assets. Michigan and Wisconsin have already allocated portions of their retirement funds into Bitcoin exchange-traded funds (ETFs).
The increasing interest in Bitcoin reserves has gained momentum following federal discussions on cryptocurrency policy. While no federal legislation has been enacted, state-level initiatives continue to progress.
Earlier this week, New Mexico introduced Senate Bill 57 (SB57) to establish a Strategic Bitcoin Reserve. The bill, proposed by Senator Ant Thornton, seeks to allocate 5% of public funds to Bitcoin as an alternative investment. The reserve would be managed by the State Investment Officer under the State Investment Council’s oversight.
Utah Advances Digital Assets Bill
Utah’s legislative efforts toward digital asset investments have reached a new stage. The state’s House of Representatives recently passed a bill allowing the state treasurer to invest in select cryptocurrencies. The bill now moves to the Senate for further approval.
If enacted, the law would permit investments in stablecoins and cryptocurrencies with a market capitalization exceeding $500 billion. As of now, Bitcoin is the only digital asset that meets this threshold. The bill’s passage through the House indicates growing legislative support for cryptocurrency investment strategies.
In addition, Kentucky has entered the digital asset landscape with a newly introduced bill. The proposal, KY HB376, would allow the State Investment Commission to allocate up to 10% of excess state reserves into Bitcoin and other digital assets.
Kentucky joins other states considering similar measures to diversify their financial holdings. The proposal also introduces provisions restricting the use of central bank digital currencies (CBDCs) within the state.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Katie Benzan made a floater with 11.8 seconds to play to put Maryland up by three and the No. 13 Terrapins held on for a 67-64 victory over No. 10 Indiana on Friday night when Nicole Cardano-Hillary missed everything on a shot from the right wing.
Angel Reese scored 20 points with 16 rebounds for the Terps, who led almost the entire game and finally held off the slumping Hoosiers. Indiana (19-7, 11-5 Big Ten) lost for the fourth time in five games to close the regular season. Maryland (21-7, 13-4) had an eight-game winning streak snapped in a loss to Michigan last weekend, but the Terps rebounded despite the absence of guard Ashley Owusu, who was out with an illness.
Benzan handled much of the ball-handling in Owusu’s absence, and she finished with 10 points and six assists. Maryland led by four heading into the fourth quarter, and Indiana couldn’t get the lead lower than that until Cardano-Hillary’s 3-pointer with 34.4 seconds to play — her first basket of the game after eight misses.
With the score 65-64, Benzan slipped free in close and scored, meaning the Hoosiers needed a 3 to tie. Maryland did a good job making it tough on Indiana’s final possession, and the Hoosiers were running out of time when Cardano-Hillary tossed up an air ball.
Grace Berger led Indiana with 16 points. Diamond Miller scored 16 points for Maryland.
Indiana took a 2-0 lead, and that was the only time the Hoosiers were ahead. Shyanne Sellers made a 3-pointer to put Maryland up 19-8 late in the first quarter, and a 3 by Chloe Bibby made it 35-23 in the second.
Indiana closed the half on a 9-2 run and trailed 37-32, but Maryland returned the favor with an 8-2 run to start the third.
BIG PICTURE
Indiana: The Hoosiers are struggling at the wrong time. They certainly had their chances to overtake Maryland in the final quarter, but their offense wasn’t up to the task.
Maryland: This was a big win for the Terps, who had lost five consecutive games against top-10 opponents. Included in that stretch was an overtime defeat against Indiana on Jan. 2.
UP NEXT
Each team awaits its seeding in the Big Ten Tournament.
___
Follow Noah Trister at https://www.twitter.com/noahtrister
___
More AP women’s college basketball: https://apnews.com/hub/womens-college-basketball and https://twitter.com/AP_Top25
✓ Share: