Original｜Odaily Planet Daily
Author: jk
In 2025, the wave of legislation on Bitcoin strategic reserves swept across the United States, becoming the latest battlefield for the collision between the crypto industry and the traditional financial system. According to statistics, more than 20 of the 50 states in the United States have proposed or are considering legislation related to Bitcoin reserves, covering public fund allocation, tax incentives and regulatory frameworks. Analysts pointed out that the approval of Bitcoin ETFs and the increase in institutional adoption are driving states to accelerate the layout of strategic reserves of crypto assets in order to gain an advantage in future digital economic competition.
Odaily Planet Daily has compiled the latest progress updates on strategic reserves in each state for readers.
What are the steps for US states to establish strategic Bitcoin reserves?
If a state in the United States wishes to establish a strategic reserve of Bitcoin, it needs to go through a complete legislative and administrative process to ensure the legality and enforceability of the plan. This process is divided into four steps:
Step 1: First, a legislative proposal needs to be drafted by a state legislator or relevant committee and submitted to the state legislature. The bill includes details such as the specific goals of Bitcoin reserves, sources of funds, purchase and management methods. After the bill is proposed, it will usually be assigned to the state legislatures finance or economic development committee for detailed review, and a hearing may be held to listen to opinions from all parties.
Step 2: Next, the bill needs to be voted on by both houses of the state legislature (if the state has a bicameral system). First, the state House of Representatives will discuss and vote. If it is passed by a majority, it will be submitted to the Senate for further deliberation and voting. Some states have the opposite process. Only after both houses pass the bill can it enter the final approval stage. Readers should note that all the House of Representatives and Senate in this article refer to the House of Representatives and Senate of the state. Generally speaking, state legislation does not require the approval of the federal Senate and House of Representatives.
Step 3: After both houses of the state legislature pass the bill, it will be sent to the governor for signature. If the governor agrees and signs it, the bill officially becomes law and the state government can start implementing the Bitcoin strategic reserve. If the governor vetoes it, the legislature can make amendments or try to override the veto with a higher vote (usually a two-thirds majority).
Step 4: Once the bill comes into effect, the state government will designate relevant agencies to implement the reserve plan , usually the state finance department or a specially established fund management department. They need to formulate specific purchase strategies, choose appropriate custody methods (such as third-party custody or self-custody), and ensure the security of reserve funds. At the same time, the state government needs to establish a transparent supervision and audit mechanism and regularly report the status of Bitcoin reserves to the public or the legislature.
If anything goes wrong in any of these steps, the Bitcoin Reserve Act will not pass in the state.
On March 1, Cynthia Lummis, chair of the U.S. Senate Banking Digital Assets Subcommittee, revealed in an interview with Fox Business that the federal-level Bitcoin strategic reserve plan lacks sufficient support and may be difficult to implement in the short term. There are not enough candidates in the House of Representatives and the Senate to promote this matter, she said. In comparison, the state-level legislative process is obviously faster.
State Progress: Which states are making the most progress?
Arizona
On February 28, 2025, two Arizona Bitcoin reserve bills (SB 1025, etc.) were passed by the Senate with a vote of 17-11-2 and are now submitted to the House of Representatives for deliberation. If ultimately approved, the state will become one of the first states in the United States to include Bitcoin in public reserves.
Texas
On February 27, the Texas Bitcoin Reserve Act was formally submitted to the Senate for deliberation. Previously, the proposal had passed the technical review of the State Commerce and Business Committee, and its core content included allowing state fiscal funds to allocate Bitcoin assets.
Oklahoma
On February 26, Oklahomas Strategic Bitcoin Reserve Act (HB 1203) was voted through by the House of Representatives Committee and entered the full vote stage. The bill proposes to invest up to 10% of public funds in Bitcoin or digital assets with a market value of more than $500 billion, and is seen as the boldest attempt at crypto policy in a conservative state.
Ohio
On the same day, Ohios Strategic Bitcoin Reserve Act passed the committee review, and the only thing left to final legislation is a full Senate vote. If passed, the state pension system may become a long-term holder of Bitcoin.
Georgia
On February 24, Georgia proposed its second Bitcoin Reserve Bill (SB 228), which intends to remove the states limit on the amount of Bitcoin investment and allow the government to allocate BTC assets without limit. Previously, the state passed its first related bill in 2024, and this revision was interpreted as a signal of fully embracing Bitcoin.
All of the above bills except Georgia are in the second stage of implementation, and some states have already passed a vote in one of the two houses. After the second step of voting, the governor will choose to sign it into law.
Blocked and opposed: Bitcoin reserve bills fail in five states
Montana
Montana House Bill 429 (HB 429) was introduced in late January 2025, advocating the allocation of up to $50 million in public funds to Bitcoin, stablecoins, and precious metals. Although the proposer, Congressman Curtis Schomer, emphasized that this move could diversify the risk of state assets and obtain higher returns, the bill was not passed in the House vote on February 21 with 59 votes against and 41 votes in favor.
South Dakota
South Dakotas HB 1202 bill proposed to invest 10% of public funds in Bitcoin, but it was rejected by 9 votes against and 3 votes in the House Commerce and Energy Committee on February 24. The proposer, Congressman Logan Manhart, believed that Bitcoin could fight inflation, but the state investment officer Matt Clark strongly opposed it on the grounds of excessive volatility . Subsequently, South Dakota rejected the HB 1202 bill at the legislative meeting on February 25 by postponing the review until the 41st day (the actual session lasted only 40 days), explicitly refusing to include Bitcoin as an official investment option.
North Dakota
North Dakotas HB 1184 bill, which aims to explore the feasibility of establishing a Bitcoin reserve, failed to pass in the House of Representatives with 57 votes against and 32 votes in favor. However, the state legislature is still considering a resolution proposed by the Republicans to allow state finances to invest in digital assets and precious metals. The resolution has passed the second reading of the House of Representatives and is being further discussed by the Senate Industry and Commerce Committee.
Pennsylvania
Pennsylvanias HB 2664 bill proposes to invest up to 10% of state funds in Bitcoin, allowing assets to be allocated through safe custody solutions or Bitcoin ETFs. This proposal, co-sponsored by Republican Congressmen Michael Cabell and Aaron Kaufer, has been essentially shelved since it was proposed in November 2024 due to excessive opposition.
Wyoming
The Wyoming Bitcoin Reserve Act was proposed in mid-January 2025, advocating that 3% of the states general fund, mineral trust fund, and land fund be invested in Bitcoin. However, in a state committee vote on February 6, only one of the eight legislators supported the bill, and the bill failed. State legislative records show that opponents are concerned that digital assets are incompatible with the traditional financial system.
