Introduction
On March 25, 2025, former President Donald Trump signed an executive order mandating the creation of a strategic Bitcoin reserve and digital asset inventory at the federal level. This move has sparked legislative actions across multiple states to integrate Bitcoin into public financial frameworks. While Arizona's proposed bills were vetoed, other states like Utah, New Hampshire, and Texas are making significant progress. Here’s a detailed breakdown of the current status of Bitcoin strategic reserve bills in the US.
Key Developments
Arizona: A Near Miss
- SB 1373 proposed a state-managed digital asset reserve fund (up to 10% annual investment in Bitcoin).
- SB 1025 allowed pension systems to allocate 10% to cryptocurrencies.
- Both bills passed the legislature but were vetoed by Governor Katie Hobbs on May 3, 2025, citing cryptocurrencies as "unproven investments."
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States Where Bills Are Effective
Utah
- HB0230 initially permitted 10% public fund investments in Bitcoin but was amended to focus on digital asset rights (mining, staking, node operation).
- Signed into law on March 25, 2025, excluding Bitcoin reserves due to "market risk concerns."
States Pending Governor’s Signature
New Hampshire
- HB302 allows up to 5% of state funds ($180M pilot) to be invested in Bitcoin/gold.
- Passed the House on April 10, 2025; awaiting Senate approval.
States Steadily Advancing Legislation
Texas
- SB-21 targets a $500B Bitcoin reserve, funded by a $250M allocation from the Economic Stabilization Fund.
- HB4258 authorizes local governments to invest in crypto.
- Both bills highlight bipartisan support and Texas’s pro-crypto energy policies.
Alabama
- SB 283 restricts investments to cryptocurrencies with >$750B market cap (i.e., Bitcoin), capping allocations at 10% of state budgets.
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Other States in Progress
- Minnesota: HF 2946/SF 2661 propose Bitcoin for tax payments and state investments (effective 2026).
- Ohio: SB57 mandates a 5-year Bitcoin holding period and allows crypto donations.
- Georgia, Illinois, Kentucky: Bills under review without explicit rejections.
States Rejecting or Delaying Bills
- Florida: HB 487 (10% allocation) was indefinitely tabled.
- Oklahoma: HB1203 failed in Senate (6–5 vote).
- Montana, Pennsylvania, North/South Dakota, Wyoming: Bills were vetoed or stalled due to volatility concerns.
FAQs
Q: Why are states like Texas pushing for Bitcoin reserves?
A: To diversify assets, hedge against inflation, and leverage Texas’s crypto-friendly energy infrastructure.
Q: What’s the main obstacle for these bills?
A: Concerns over Bitcoin’s price volatility and regulatory uncertainty.
Q: Could more states follow Arizona’s lead?
A: Yes, but vetoes like Arizona’s may caution others until federal clarity emerges.
Conclusion
While Bitcoin strategic reserves face political and market hurdles, states like Texas and New Hampshire are paving the way. As cryptocurrencies gain mainstream acceptance, legislative efforts will likely intensify, shaping the future of digital asset governance.
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