Overview of the Progress of the Bitcoin State-Level Strategic Reserve Bill

Several states in the United States are considering or advancing legislation to incorporate Bitcoin into state-level strategic reserves. These bills aim to explore the potential value and risks of Bitcoin as a state asset. Here are some updates from various states:

Texas

Texas Senator Tan Parker introduced the SB 2334 bill, which was first submitted on March 10, 2023. The bill includes:

1. Require the state finance department to assess the feasibility of Bitcoin as a state reserve asset.
2. Explore the potential of Bitcoin to hedge against inflation and geopolitical risks.
3. Analyze the potential risks of Bitcoin as a state asset.

The bill is still under review.

New Hampshire

State Representative Keith Ammon and other lawmakers introduced HB 522 on January 5, 2023. The bill aims to:

1. Allow state treasury departments to include Bitcoin in state-level investment portfolios.
2. Formulate relevant regulations to achieve this goal.

Currently, the bill has been postponed for reconsideration at the 2024 legislative session.

Wyoming

State Senator Chris Rothfuss and other lawmakers introduced Bill SF 0127 on January 12, 2023. The bill proposes:

1. Authorize the state treasury department to invest in Bitcoin and other digital assets.
2. Require state finance departments to formulate relevant policies and procedures.

Unfortunately, the bill failed to pass in the vote on February 24, 2023.

Mississippi

State Senator Josh Harkins introduced SB 2626 on January 3, 2023. The bill proposes:

1. Amend existing laws to include Bitcoin as an investable asset class for state governments.
2. Allow state government agencies to hold and invest in Bitcoin.

The bill is currently still under review.

Missouri

State Representative Phil Christofanelli introduced HB 1204 on January 4, 2023. The bill proposes:

1. Allow states and political subdivisions to hold Bitcoin as an investment asset.
2. Include Bitcoin in the list of investable assets for state governments.

The bill is currently still under review.

These legislative efforts reflect the interest and exploration of various states in Bitcoin as a potential reserve asset. However, most bills are still in the preliminary stages and require further discussion and deliberation. As time goes on, we will continue to monitor the progress of these bills and their potential impact on state fiscal policies.